CEO of the International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank Group, Hani Salem Sonbol has started a five-day visit to Cairo, in his first official visit to the country since the onset of the coronavirus pandemic in March 2020.
During his visit, Sonbol is scheduled to attend the launch of a number of new projects and initiatives that are executed in cooperation with the Egyptian government.
He will also hold meetings with a number of Egyptian ministers, including ministers of planning and economic development, petroleum and mineral resources, supply and internal trade, trade and industry to discuss means of expanding cooperation and strengthening further the successful partnership with the Egyptian government.
He will take part in the launch of the “SheTrades” Egypt initiative in cooperation with the International Trade Center (ITC), which comes within the framework of the “Aid for Trade Initiative for the Arab States (AfTIAS)” Program.
The initiative catalyzes a strong network of Egyptian women entrepreneurs to help them thrive in international trade and increase their access to global markets and financial resources through bridging the finance gap for women entrepreneurs, which is estimated to be worth more than $ 1.6 trillion.
To enhance the potential of trade between the Arab and African regions, Sonbol will also witness the conclusion of the workshop entitled “Entering African Markets,” which is organized by the Egyptian Export Development Authority in cooperation with the ITFC for days as part of the “Arab-Africa Trade Bridges” (AATB) Program, Egyptian regional trade promotion program, which is under the auspices of Egypt’s Minister of Trade and Industry.
“I am looking forward to a successful visit to Egypt, which is considered to be the first official visit since the pandemic outbreak. Egypt is a strategic partner of ITFC, where our historic relationship accumulated total trade financing of $11.2 billion in support of key sectors, namely energy and food," Sonbol said.
He added ITFC has recently provided an integrated trade solutions that included $200 million in favor of the General Authority for Supply Commodities (GASC) to align with the Egyptian government’s needs of basic strategic commodities, in addition to a capacity building program that aimed at enhancing the authority’s capabilities to mitigate the effects of the COVID-19 pandemic.