Today, Sunday, the Government of Egypt signed the annual program of work of the International Islamic Trade Finance Corporation and the International Islamic Private Sector Corporation with Egypt for 2023.
Hala El-Said, Minister of Planning and Economic Development and Governor of the Islamic Development Bank of Egypt, said: According to the statement, the annual work program aims to provide Egypt with $1.5 billion in comprehensive financial solutions.
Al-Saeed added that the funding comes as part of strengthening the ability to mitigate the economic and social impact of the Covid-19 crisis, as well as the consequences of successive geopolitical changes in the international arena as a result of the Russian-Ukrainian confrontation. a crisis.
The Minister referred to Egypt’s fruitful cooperation with the International Islamic Trade Finance Corporation and the International Islamic Corporation for the Development of the Private Sector, stressing that the institutions of the Islamic Development Bank Group are at the forefront of Egypt’s strategic development partners. , since the aspects of cooperation between the two sides cover various areas of development, the most important of which are energy and infrastructure, industry, finance, agriculture, health and education.
She stated that the portfolio of financial cooperation between Egypt and the Corporation amounted to a total of 14.5 billion US dollars, stressing that today’s signing comes in light of the framework agreement that was concluded between Egypt and the Corporation in 2018 and was renewed last year. for another five years, with a change in the credit limit under the agreement from 3 to 6 billion US dollars.
