The $1.5 bln program was authorized in between the two sides for a period of 5 years, amounting to $6bln.
The International Islamic Trade Financing Corporation (ITFC) and the Islamic Corporation for the Advancement of the Private Sector (ICD) introduced the launch of their annual job program for 2023 in Egypt.
The $1.5 bn program was signed in between both sides for a period of 5 years, amounting to $6bn.
The job program of ITFC in Egypt for the year 2023 includes several activities that it will execute in areas of trade financing, as it will certainly give Murabaha financing operations to the Egyptian public sector for the Egyptian General Petroleum Firm at a worth of $ 800m as well as the General Authority for food products worth $700m.
The Foundation will also seek to offer funding lines to neighborhood Egyptian financial institutions, including Banque Misr and also the National Financial Institution of Egypt, to sustain small and also medium-sized business (SMEs). Additionally, the ITFC will create profession and company development and also offer incorporated profession solutions in Egypt via different programs with its international companions such as the Arab-African Trade Bridges Programme to sustain Egyptian merchants and also link Egyptian companies with trade connections and collaborations with African nations, as well as the second phase of the Profession Support Initiative program.
The annual work programme for 2023 likewise includes the design as well as launch of the second stage of the program to sustain small women-owned companies in invention industry, convening between cotton merchants from Africa with actors in the cotton industry in Egypt, and also follow up of the execution of worth chains project in the cotton industry in partnership With the United Nations Industrial Growth Company (UNIDO). Besides, participation with the Egyptian General Oil Company as well as the General Authority for Supply Assets in the area of digitizing global trade with the two jobs of digitizing documentary credit scores and digitizing delivery papers.
Furthermore, the ICD authorized programme objectives to support private sector and also SMEs with about $120m. Business program of the ICD in Egypt for the year 2023 consists of financing lines for financial institutions operating in Egypt, by broadening the extent of financing line centers in the tool term to consist of financial institutions in Egypt with a target amount of $80m to sustain private sector companies, especially SMEs. The Structure will certainly likewise offer funding to economic sector business and framework projects, with a complete target value of $40m.
For his part, Hani Salem Sonbol, Chief Executive Officer of the ITFC and Performing Chief Executive Officer of ICD, claimed: “The job program of the Islamic Corporation for 2023 with the Arab Republic of Egypt is a continuation and also verification of the critical relationship between the Firm and Egypt. Since 2008, the foundation has adopted $14.52 bn for Egypt for financing as well as sustaining energy and food products, programs to encourage exporters, youth, women, and SMEs, as well as introducing a number of programs as well as jobs to create and help with profession as well as sustain the export field.”.
Last Updated: 25 January 2023
