The International Islamic Trade Finance Corporation (ITFC), which falls under the Islamic Development Bank (IsDB) Group, has formalized the 2024 annual work program with the Arab Republic of Egypt. This agreement aligns with a five-year framework previously established between the two parties. The signing event was graced by ITFC CEO Eng. Hani Sonbol, Egypt’s Minister of Planning and Economic Development Dr. Hala El-Said, Minister of Supply and Internal Trade Dr. Ali Al-Moselhi, Minister of Petroleum and Mineral Resources Eng. Tarek El Molla, among other dignitaries, in Cairo.
ITFC’s strategy accentuates the importance of partnering with Egypt’s critical sectors to bolster growth rates and drive sustainable economic and social progress. A key focus of the collaboration is to generate more employment prospects for the youth and women through various ITFC initiatives targeting Egypt.
A significant highlight of the program’s inauguration was the announcement of the Export Academy’s launch. As the first establishment of its kind in the Middle East, it operates under the Aid for Trade Initiative for the Arab States (AfTIAS) Program led by ITFC. This initiative is a collaborative effort with the Egyptian Exporters Association ‘ExpoLink’ and the Foreign Trade Training Center under the Egyptian Ministry of Trade and Industry. The academy aims to enhance the export abilities of numerous entrepreneurs, with special emphasis on empowering women through comprehensive training programs designed to elevate their skills and competencies.
“The ITFC is a steadfast partner of Egypt, and we are celebrating the 15th anniversary of our collaboration this year. Since 2008, ITFC has sanctioned a cumulative sum of USD 16.5 billion to support various Egyptian sectors including the supply of petroleum and its derivatives, foodstuffs, and a variety of development projects,” Eng. Hani Sonbol remarked during the ceremony.