Latest in Tag: ITFC Highlight
Latest in Tag: ITFC
Egypt’s Ministry of Planning and Economic Development announced, on Thursday, the details of the International Islamic Trade Finance Corporation’s (ITFC) finance cooperation programme in Egypt for the year 2021.
Programme to finance Egypt’s imports of basic commodities such as food and petroleum products
The minister praised the ITFC’s remarkable activities in development, and the notable rate of progress in implementing its Egypt funding programme for 2020
The funding is part of the Master Murabaha Agreement concluded between Egypt and ITFC. It will enable GASC to mitigate the effects of coronavirus by securing food commodity imports.
Initiative comes as part of bank’s COVID-19 crisis response action
The AATB has the mandate to drive economic integration between across the African and Arab regions. It is also looking to strengthening small- and medium-size enterprise (SME) export development across key sectors, the statement said.
The funds are within the $3bn agreement framework between Egypt and ITFC that was signed in January 2018.
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ITFC local branch will communicate with the ministry in order to understand the requirements needed for a joint work plan