Egypt signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation. Includes financing the purchase of basic commodities and energy products. Today, Sunday, January 22, Dr. Hala Al-Saeed, Minister of Planning and Economic Development, witnessed; The signing ceremony of the framework agreement for the annual work program of the International Islamic Corporation for Trade Finance and the Islamic Corporation for the Development of the Private Sector with the Arab Republic of Egypt for the year 2023. Dr. Hala Al-Said, Minister of Planning and Economic Development, said that the signing of the financing agreement came in cooperation with the Egyptian General Petroleum Corporation and the Supply Commodities Authority, and that To support small and medium enterprises, during the visit to Cairo of Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), both of which are member institutions of the Islamic Development Bank (IsDB) group. They discussed strengthening cooperation with the Egyptian public and private sectors during the year 2023 to support and finance energy and food commodities, and programs to empower exporters, youth, women, and small and medium enterprises. The most dangerous rumors haunted Egypt in 2022.. the economy is at the forefront. Sonbol pointed out that with regard to the Islamic Corporation for the Development of the Private Sector, since its inception, the Corporation’s investment portfolio in the Arab Republic of Egypt amounted to about $275 million, and includes, for example, the financing of the Scatec solar energy company, which included financing 6 sub-projects for photovoltaic solar power plants, which are projects that are jointly funded by the Corporation, the Islamic Development Bank, the European Bank for Reconstruction and Development and the German Development Bank, with a financing contribution to the Corporation amounting to $25 million, as the main funding for the six projects, in addition to the Corporation’s contribution to financing Alpha Solar Company, with a financing contribution of $28.5 million to the Foundation. While Dr. Hala Al-Saeed, Minister of Planning and Economic Development, confirmed that the framework agreement that had been signed since 2018 with a total value of $9.2 billion was renewed for an additional 5 years, with an increase in the credit limit to $6 billion, last June, with funding coming at a value of $800 million. for the General Petroleum Corporation and $700 million for the Supply Commodities Authority, noting that the agreement aims to provide innovative financing solutions, explaining that the renewal of the agreement represents an extension of the success achieved between Egypt and the trade partners. The minister added that the agreement comes under the umbrella of the Arab-African Trade Bridges Program to support partners to finance trade, enhance trade cooperation between member states, and enhance the Egyptian state’s ability to face challenges, which is an extension of its structural reform plan aimed at advancing the Egyptian economy and increasing export capacity. After a series of flotations, has the Egyptian pound reached its fair price? And she continued, there is a program for the economic empowerment of Egyptian women, which is consistent with the government’s program, which aims to increase women’s participation and enhance their capabilities in the field of entrepreneurship. The Islamic Development Bank approved $1.675 billion to finance trade for Egypt from 1985 to 2007, mainly for the purposes of financing the import of petroleum products and wheat, and the International Islamic Trade Finance Corporation has approved $14.250 billion since its establishment in 2008, to finance Importing strategic commodities such as petroleum products, foodstuffs and other products. Egypt also joined several initiatives developed and led by ITFC that aim to develop the infrastructure for foreign trade, empower businesswomen and support key sectors such as handicrafts, acumen and digital trade.
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