The International Islamic Trade Finance Corporation (ITFC) has agreed to provide $3 billion to the government of Egypt to finance the import of commodities, said Dr Sahar Nasr, Minister of Investment and International Cooperation.

The announcement came during the signing of a framework agreement between the Egyptian government represented by the Ministry of Investment and International Cooperation with ITFC, a member of the Islamic Development Bank Group.

The ceremony was signed at the headquarters of the Ministry of Investment in Cairo, where ITFC was represented by the CEO, Hani Salem Sonbol, and the Egyptian government was represented by Dr Nasr.

The agreement includes a number of items, the most important of which is finding ways and means to ensure close cooperation and coordination of efforts between the government and the institution and implementation of the strategic partnership between the two parties in the field of trade finance, import of commodities such as petroleum, oil and gas products, wheat, foodstuffs and other commodities for the benefit of the Government of the Arab Republic of Egypt.

Sonbol confirmed that the agreement is in line with the goals and objectives of the establishment for which it was established to promote and promote trade and trade cooperation among OIC Member States and the desire of the Foundation to contribute effectively to development in the Arab Republic of Egypt and to create an effective framework for action.

He added: "We believe in the importance of the role played by the Egyptian Ministry of Investment and International Cooperation to support the Egyptian economy in the exceptional circumstances experienced by the region, and therefore the institution intensifies to contribute effectively to development in the Arab Republic of Egypt and to create an effective framework for the work through which to achieve this.

“The agreement is at the core of our duties to contribute to the provision of essential commodities for the Egyptian economy. This is what we seek in ITFC to build a strategic partnership and provide integrated business solutions designed specifically for our member states to support social and economic situations," he said.

On her part, Dr Sahar Nasr praised the role played by the ITFC through the various financing programs it provides to finance trade, which contribute to reducing the impact of the obstacles to intra-trade. – TradeArabia News Service