info@businessghana.com
ITFC has signed five framework agreements with the Government of Egypt represented by the Ministry of Investment & International Cooperation totaling U.S. $ 9.2 billion
The International Islamic Trade Finance Corporation (ITFC) (ITFC-IDB.org) announced the signing of two new Agreements between ITFC & the Government of the Arab Republic of Egypt represented by the Egyptian General Petroleum Corporation (EGPC) and the General Authority for Supply Commodities (GASC) initiating the utilization of the 5th Framework agreement.
The first Master Murabaha agreement was signed by Eng. Hani Salem Sonbol, Chief Executive Officer ITFC and Mr. Ahmed Yousef, Deputy Chairman of the Commodity Supply Authority to support the provision of goods supplies worth US$1 billion dollars, benefiting 67 million citizens. The signing was witnessed by Dr. Aly Meselhy Minister of Supply and Internal Trade and Dr. Sahar Nasr, Minister of Investment and International Cooperation, Dr. Sahar Nasr, in the Ministry of Investment and International Cooperation.
The second agreement was signed by Eng. Abed Ezz El Regal, Chief Executive Officer EGPC with total financing of US$2 billion, in the presence of Eng. Tarek El Molla, Minister of Petroleum & Mineral Resources at the EGPC Head Office.
The benefits for economic development, social welfare development and intra-trade development cannot be understated
The Framework Agreement Initially signed on 30th January 2018, with the objective to finance the importation of commodities such as petroleum, petroleum products, gas, wheat, foodstuff and other goods for the benefit of the Arab Republic of Egypt in the amount of U.S. $3 billion.
Commenting on the announcement, Eng. Hani Salem Sonbol, ITFC Chief Executive Officer, said, “Here at ITFC, we recognize the immense strategic importance this agreement holds for our relationship with the government and people of the Arab Republic of Egypt. The benefits for economic development, social welfare development and intra-trade development cannot be understated. We look forward to years of continued partnership.”
To date, ITFC has signed five framework agreements with the Government of Egypt represented by the Ministry of Investment & International Cooperation totaling U.S. $ 9.2 billion. The agreement is indicative of strong ongoing links between the Islamic Development Bank (IsDB), the parent group of ITFC, and the Arab Republic of Egypt. Since 1985-2007, IsDB has approved about U.S. $1.675 billion for the Arab Republic of Egypt, mostly to finance the importation of petroleum and refined petroleum products as well as wheat. Since its inception in 2008 and until Aug 2018, ITFC has also approved about US $ 7.274 billion to finance the importation of crude oil and petroleum products in addition to food commodities and other products.
ITFC has also been supporting the Arab Republic of Egypt through its trade-related programs including the Aid for Trade Initiative for the Arab States (AfTIAS) Program and the Arab Africa Trade Bridges (AATB) Program.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) (ITFC-IDB.org) is a member of the Islamic Development Bank (IsDB) Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commenced operations in January 2008 (Muharram 1429H), ITFC has since consolidated all trade finance businesses that used to be handled by various windows within the IsDB Group. Earning the A1 rating by Moody’s reflects the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
Since 2008, ITFC has provided more than US$40.2 billion of trade financing to OIC Member Countries, making the Corporation the leading provider of trade solutions for OIC Member Countries’ needs. With a mission of being a catalyst for trade development among OIC Member Countries and beyond, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
