Finance corporation

The International Islamic Trade Finance Corporation’s financing portfolio with Egypt is $13.8 billion

International Islamic Trade Finance Corporation logo – Facebook photo

CAIRO – March 14, 2022: Planning and Economic Development Minister Hala al-Said said on Monday that the International Islamic Trade Finance Corporation has financed Egypt to the tune of $13.8 billion so far. now.

The minister’s statement came during her speech at the third meeting of the Governance Board of the Arab-African Trade Bridges Program (AATB) affiliated with the Islamic Development Bank (IsDB).

The minister chaired the meeting, representing Egypt, as she is the country’s governor at the IDB and chair of the governance board of the AATB program. The event brought together Egyptian, Arab and African ministers as well as a number of ambassadors, heads of funding institutions, parliamentarians and members of the business community.

The minister noted that the program aims to boost trade and investment between Arab and African states, creating a new generation of exporters and new partnerships between investors from the two regions.

Said pointed out that Africa is a market of 1.3 billion consumers and a home of abundant natural and human resources. She pointed out that Egypt, as host of COP27 in Sharm el-Sheikh in November, aims to make it a platform for developing countries to express their needs for climate finance, transfer low-emission technologies, government and private sector capacity building. and support to conduct sustainable feasibility studies exploiting economic, social and environmental aspects.

The minister also pointed out that Egypt has initiated industrial development for the South Center to expand technology transfer and enhance industrial development based on creativity. She added that Egypt is keen to share its experience with African countries in the agriculture, education, health and SME sectors.