ITFC Signs US$ 1.5 Billion Annual Program with Egypt to Support Key Sectors in 2024

19-02-2024

The International Islamic Trade Finance Corporation (ITFC) renewed its commitment to Egypt's economic development by signing the Annual Work Program for 2024. The agreement aims to bolster vital sectors in Egypt, fostering economic growth, job creation, and sustainable development as an integral component of a comprehensive 5-year, US$6 billion initiative.

The signing ceremony, held in the presence of esteemed ministers from Egypt including H.E. Dr. Hala El Said, Minister of Planning and Economic Development, Governor, Islamic Development Bank; H.E. Dr. Ali Al Moselhi, Minister of Supply and Internal Trade; H.E. Dr. Tarek El Molla, Minister of Petroleum and Mineral Resources; and H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation (virtually), signifies a robust collaboration between ITFC and Egypt.

Eng. Hani Salem Sonbol, CEO ITFC, commented that ITFC to date provided US$16.5 billion of trade financing in favor of Egypt, focusing on pivotal sectors such as energy, basic food commodities, and initiatives promoting women in trade and entrepreneurship. As part of that commitment, ITFC will adopt a multifaceted strategy to bolster Egypt's economic landscape in 2024. The Corporation will provide trade finance facilities across sectors and collaborate with the Egyptian General Petroleum Corporation (EGPC) to enhance export credit for petroleum derivatives and natural gas, fostering private sector exports. Moreover, resources will be allocated to fortify Egypt's food security and establish lines of financing with local banks to aid small and medium-sized enterprises (SMEs), thereby diversifying the economy and fostering job creation.

ITFC will also continue to engage in partnerships and innovative initiatives to support the growth of strategic sectors in Egypt, this includes collaborations with organizations like the United Nations Industrial Development Organization (UNIDO) to enhance the Egyptian tomato industry. Furthermore, digitization efforts in trade transactions with partners like the Egyptian General Petroleum Corporation (EGPC) will streamline processes and enhance transparency.

Additionally, ITFC flagship programs will foster the growth of the Egyptian economy through capacity development programs. The Arab-Africa Trade Bridges Program (AATB) will open new international markets for Egyptian exporters, while programs like "She Trades" will empower female entrepreneurs, ensuring inclusivity in economic growth. Moreover, the AfTIAS 2.0 Program will continue to equip future trade leaders through initiatives like the Export Academy, a pioneering venture in the Middle East. 
 
Egypt STEP Program Graduates

Egyptian Ministers commended the launch of the Export Academy as a milestone, affirming ITFC's longstanding partnership and its US$1.5 billion financing as instrumental in addressing economic challenges. In addition, they recognized initiatives like the "Step Towards Export" (STEP) program, which emphasizes inclusivity and training, as reflective of ITFC’s commitment to doubling Egypt's export volume.

Dr. Hala El-Said emphasized the significance of collaborations, especially in empowering women and youth, while Dr. Rania Al-Mashat highlighted, ITFC's role in global economic development. She underscored Egypt's resilience amidst global trade challenges and its commitment to continued development.

The ceremony concluded with honoring 600 graduates of the "Step for Export" program, symbolizing ITFC's investment in nurturing skilled exporters. Eng. Sonbol reiterated ITFC's unwavering support and announced new initiatives, emphasizing sustained collaboration in 2024 and beyond.