RIYADH: Egypt’s economy is set to soar with the International Islamic Trade Finance Corp. finalizing its 2024 work program, paving the way for sustainable development and job creation.
The $1.5 billion deal marks a significant milestone within the $6 billion five-year framework agreement between the North African country and ITFC, an Islamic Development Bank Group member.
Among the notable attendees was Hani Sonbol, the CEO of ITFC, while top government officials were also present, including Hala Helmy El-Said, minister of planning and economic development; Ali Al-Moselhi, minister of supply and internal trade; and Tarek El-Molla, minister of petroleum and mineral resources.
Additionally, several other ministers and officials were in attendance, as reported by the Saudi Press Agency.
The report added the ITFC’s strategic focus emphasizes collaboration with key sectors in Egypt. The objective is to bolster growth rates, foster sustainable economic and social development, and generate more employment opportunities. The dedicated programs in Egypt particularly target youth and women.
The signing ceremony also saw the launching of the Export Academy. The first-of-its-kind institution in the Middle East will function under the umbrella of the Aid for Trade Initiative for the Arab States program of the ITFC in collaboration withthe Egyptian Exporters Association and the Foreign Trade Training Center at the Egyptian Ministry of Trade and Industry.
The academy is tailored to build the export capacity of hundreds of entrepreneurs, especially women, through training programs to boost their capabilities and skills.
Sonbol was quoted by SPA as saying that the ITFC is a permanent partner of Egypt, adding that this year marks the 15th anniversary of the start of cooperation between the two sides.
“The total amount approved by the ITFC for Egypt since 2008 has hit $16.5 billion. The amount was allocated to finance the operations of supplying petroleum, its products, food commodities, programs, and miscellaneous projects,” the official added.
El-Said emphasized that the program’s objective is to furnish Egypt with comprehensive financial solutions amounting to $1.5 billion. She further explained: “This is facilitated by formalizing the program with both the Egyptian General Authority for Supply Commodities and the Egyptian General Petroleum Corp., bolstering the nation’s capacity to alleviate the economic and social repercussions of intertwined international and regional geopolitical crises.”
