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Tuesday, 8 February 2022

More financing from ITFC could be coming our way in February

The Madbouly government plans to finalize as early as this month a new financing program for 2022 with the International Islamic Trade Finance Corporation (ITFC), the Planning Ministry said yesterday in a statement, adding that part of the funding will go towards supporting micro, small, and medium-sized enterprises. The statement did not disclose further details on the program

A USD 2.6 bn package? In a meeting with Trade Minister Nevine Gamea last month, ITFC CEO Hani Sonbol said the corporation had approved USD 2.6 bn in funding for “development projects” in Egypt, according to a ministry statement. No further details were given on where the money would be spent, nor when it would be disbursed.

Planning Minister Hala El Said is currently in Jeddah, where ITFC is headquartered. El Said discussed potential cooperation with Sonbol, including launching an academy for exporting in Egypt as well as programs for women’s economic empowerment, the statement said.

2021 was “a record year” for ITFC funding to Egypt, the statement quotes El Said as saying. The ITFC provided the General Authority for Supply Commodities (GASC) and the Egyptian General Petroleum Corporation USD 2.3 bn in financing last year for the import of basic commodities including wheat, and petroleum products.

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