The International Islamic Trade Finance Corporation (ITFC) approved a financing of $2.6 billion to fund developmental projects in Egypt, Arab Finance reports citing a statement by the Egyptian Ministry of Trade and Industry.
“The ITFC is one of the most important development partners of Egypt, as its projects contribute to supporting the sectors of trade and industry, small and medium enterprises, and women’s empowerment projects, in addition to supporting the commercial cooperation between Arab and African countries,” Egypt’s Minister of Trade and Industry Nevine Gamea indicated during a meeting with the Chairman of ITFC Hany Sonbol.
The ministry did not reveal areas that the financing will cover. The ITFC in collaboration with the ministry will establish the first exporters’ academy in Egypt.
The academy will provide training programs to support the Egyptian exporters and enhance their ability to access more global markets.
ITFC loans Egypt $2.8bn for developmental projects
