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The Minister of International Cooperation discusses the implementation of the programs of the International Trade Finance Corporation for the year 2021


Minister of International Cooperation, Dr. Rania Al-Mashat, stressed the importance of diversifying areas of cooperation between Egypt and the International Islamic Trade Finance Corporation during the coming period, noting that Egypt is a partner with the International Islamic Trade Finance Corporation in the Arab-African Bridges Program, in light of its keenness to expand financing for the private sector.

 

This came during the reception of the Minister of International Cooperation, Engineer Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation - one of the institutions of the Islamic Development Bank Group - where the two sides discussed the compatibility of the programs of the International Islamic Trade Finance Corporation in financing a number of projects related to trade financing with Egypt's Vision 2030 This is within the framework of working to achieve the sustainable development goals and expanding the scope of sectors benefiting from the programs of the International Islamic Trade Finance Corporation in Egypt.

 

The Minister of International Cooperation also discussed with the CEO of the International Islamic Trade Finance Corporation the latest developments regarding the implementation of the cooperation program with the Corporation for the year 2021, signed last January, with a value of $1.1 billion, under which $700 million will be allocated to the Egyptian General Petroleum Corporation and $400 million to the General Authority for ration goods.

 

Al-Mashat reviewed the Foundation's contribution to combating the economic effects of the Corona pandemic 2020, where an amount of $200 million was approved for the General Authority for Supply Commodities, with the aim of covering the Egyptian government's needs of basic strategic commodities to enhance the authority's capabilities to mitigate the effects of the Corona pandemic.

 

Al-Mashat expressed her happiness with the institution's prominent developmental role, and its remarkable activity to support a number of sectors in Egypt, despite the difficult circumstances that the world experienced in 2020 due to the Corona virus pandemic, stressing the importance of diversifying areas of cooperation between Egypt and the International Islamic Trade Finance Corporation. during the coming period.

 

Al-Mashat also reviewed cooperation with the Corporation in the field of digitization, within the framework of Egypt's 2030 vision for digital transformation, by communicating with the Egyptian General Petroleum Corporation and the General Authority for Supply Commodities to develop trade operations in the fields of digitizing shipping documents and digitizing documentary credits.

 

With regard to the "Egyptian Cotton Project" program, Al-Mashat indicated that it was agreed that the institution would join the program, which aims to support the cultivation of Egyptian cotton by designing and adopting specialized training programs in the best agricultural practices for farmers according to the latest methods.

Al-Mashat noted that Egypt increased the number of its shares in the institution during 2016 by 240 shares, bringing the number of shares from 1273 to 1513 shares, representing about 2% of the capital of the institution.

 

The two sides also discussed the activities of the first edition of the annual forum for international development cooperation and finance, which is expected to be held during the coming period, where the most important topics expected to be discussed during the forum and the desired goals were shed.

 

For his part, Eng. Hani Salem Sonbol thanked the Egyptian government for its support and permanent cooperation with the International Islamic Trade Finance Corporation in implementing its programs in Egypt, pointing to the diversification of the sectors benefiting from the funds provided by the Corporation to Egypt and not being limited to oil and supply, according to the priorities of the Egyptian government.

 

It is worth noting that the International Islamic Trade Finance Corporation, a member of the Islamic Development Bank Group, was established in 2008 with the aim of promoting trade among the member countries of the Organization of Islamic Cooperation, and it works with international and regional institutions to design and implement trade finance and development programs, including the Aid Initiative programs from For Trade for Arab Countries, and the Arab-African Trade Bridges Program, and since its inception, the Corporation has carried out trade financing activities amounting to $50 billion in more than 57 countries.

 

Egypt is one of the most important partners of the International Islamic Trade Finance Corporation, as the total number of financing operations amounted to about 12.463 billion US dollars to finance the import of petroleum and its products, in addition to food commodities and other products.

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