The cooperation portfolio between Egypt and ITFC amounts to 16 billion dollars in 2008-2022


Egypt – The Minister of Planning and Economic Development, Hala El-Said, said that the cooperation portfolio between Egypt and the International Islamic Trade Finance Corporation (ITFC) has amounted to around $16 billion since the creation of the institution in 2008 until September 2022.

This came in a speech delivered by Al-Saeed at the closing ceremony of the Project for Women in International Trade in Egypt (SheTrades Egypt), attended by Hani Sonbol, CEO of ITFC, and Acting CEO of the Islamic Society for Development. from the private sector.

She stressed that there is a firm will on both sides to continue and intensify this cooperation in the next stage, which resulted in the signing of the annual work program for 2022 between the two sides in February 2022, as well as that the renewal of the framework agreement agreement concluded between the two parties in 2018, with an increase in the credit limit of the agreement to 6 billion dollars.

She referred to all partners on both sides, who have been engaged in continuous cooperation and coordination and provided support in all its forms; for the success of the SheTrades Egypt project, which was specifically designed to achieve a strategic goal of women’s economic empowerment by focusing on supporting businesswomen in the craft sector in Egypt to maintain and grow their businesses and actively participating in development efforts, more employment opportunities for women and girls, and the creation of a more favorable environment to build their capacity to play a more effective economic role.

For his part, Sonbol confirmed that Egypt is one of the most important partners of the International Islamic Trade Finance Corporation, as the company has provided billions of dollars in financing since its establishment in 2008 and has signed five framework agreements with Egypt to date. These funds helped support Egypt’s food and energy security in addition to the development of medium, small and micro enterprises, while its services also included technical assistance and capacity building projects in the area of ​​trade development. .

He added that the SheTrades program in Egypt is proof of the trade development projects supported by the Foundation, since its launch in 2020, and despite the conditions of the coronavirus pandemic, the program has provided assistance to thirty small and medium enterprises. women-owned and managed businesses in Egypt, and the program provided technical assistance and capacity building activities to enable beneficiary institutions to diversify their products and services and expand into local and international markets, in addition to help organizations working in trade development to assess their support for trade services and adapting them to the needs of women and entrepreneurs.

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