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Saturday, 31 July 2021

Islamic finance corporation to diversify investment portfolio in Egypt

The International Islamic Trade Finance Corporation says is eager to further its support for Egypt’s economic reform programme

Doaa A.Moneim , Sunday 20 Oct 2019
Sahar Nasr, ITFC
Egypt's investment and int'l cooperation minister Sahar Nasr meets CEO of the International Islamic Trade Finance Corporation (ITFC) Hani Salem Sonbol (Photo Courtesy of MOIC)

The CEO of the International Islamic Trade Finance Corporation (ITFC) Hani Salem Sonbol said the ITFC intends to diversify beyond its oil and mining investments in Egypt in order to support the country's economic reform programme

Sonbol explained that he would visit Egypt in December to discuss the plans of investment in Egypt for 2020 for the IFTC, which is a financial arm of the Islamic Development Bank (IDB).

The IFTC CEO made his statements during a meeting held Saturday with Egypt’s Minister of Investment and International Cooperation Sahar Nasr on the sidelines of the World Bank and International Monetary Fund annual meetings, held in Washington.

“Egyptian enterprises are the main beneficiaries of the Gosor programme for Arab-African trade, with the participation of 15 Egyptian enterprises. They also had the lion's share of trade opportunities in African markets that the programme has provided in the pharmaceuticals and food products sectors, with a total of $180 million," Sonbol added.

Minister Nasr stressed the need to diversify cooperation between Egypt and the ITFC in the coming period, adding that Egypt is keen on injecting more investment into the private sector.

Nasr explained that the cooperation portfolio with the Islamic Development Bank (IDB) currently stands at $21.6 billion, including the IFTC contribution of $10 billion.

The minister said she invited Sonbol to participate in the Invest for Africa forum that is scheduled to be held in Cairo in November under the patronage of Egypt’s President Abdel-Fattah El-Sisi.

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