Industry and Trade Minister looks to benefit from ITFC financing mechanisms to enhance exports

Daily News Egypt
2 Min Read

Minister of Industry and Trade Tarek Kabil looked into ways of optimally benefitting from finance mechanisms provided by the International Islamic Trade Finance Corporation (ITFC), to serve the Egyptian export system.

During a session he held with CEO of the ITFC Hani Sonbol, the minister noted that doubling Egyptian exports is one of the main pillars of the ministry’s recently-launched strategy, noting that the ministry is close to establishing an integrated entity to develop the export sector. It would include all ministerial parties concerned with exports, with the aim of maximising the role of these agencies in supporting the export system.

He stressed the importance of cooperating with the ITFC in providing finance programmes to prepare an integrated strategy for Egyptian exports, which would mainly depend on competitive advantage. Moreover, the strategy would contribute to enhancing the abilities of the new entity.

For his part, Sonbol said that the ITFC welcomes contributing to the Egyptian programme of developing and increasing exports, especially that the corporation has had successful experiences in this sector in several countries, including Indonesia and Malaysia.

He added that the corporation’s branch in Cairo will communicate with the ministry in order to understand the requirements needed for a joint work plan implemented according to a specific timeline.

Sonbol has invited Kabil to participate in the ministerial conference organised by the ITFC in Morocco in February, under the sponsorship of King Mohammed VI. The conference will revolve around launching an initiative to create Arab and African connections that aim to enhance trade and economic cooperation between Arab and African countries.

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