ITFC, ICD to provide $1.5 billion of integrated financing solutions to Egypt
According to Egypt Today, the 2023 annual work program of the International Islamic Corporation for Trade Finance (ITFC) and the International Islamic Corporation for the Private Sector (ICD) will provide $1.5 billion of integrated financing solutions to Egypt, Minister of Planning and Economic Development Hala El Saeed said yesterday
She added in a speech to the signing ceremony of the ITFC-ICD 2023 annual work program with Egypt that the package aims to strengthen the country’s ability to mitigate Covid-19’s economic and social ramifications, as well as the subsequent geopolitics in the international arena as a result of the Russian-Ukrainian crisis.
The Islamic Development Bank (IsDB)’s institutions top Egypt’s strategic development partners, as the aspects of cooperation between the two sides cover various fields, including energy, infrastructure, industry, finance, agriculture, health, and education, the minister said.
The financing cooperation portfolio between Egypt and IsDB reaches $14.5 billion, she added.
The minister praised the 2023 annual work program for initiatives that will pave the way for collaboration with local banks and private sector companies to support Egypt’s two promising sectors.