Agreement with the “Islamic Bank” to finance 5 trade missions to promote Egyptian products

Engineer Ahmed Samir, Minister of Trade and Industry, said that it was agreed that the Islamic Development Bank would finance promotional missions to a number of African countries in cooperation with the Commercial Representation and the Development Projects Unit at the Ministry, in the priority sectors for Egyptian exporters, so that funding is limited to the promotional and marketing activities of the mission, praising the existing cooperation. Between the Ministry and the Corporation in implementing the annual work plan for the Arab-African Trade Bridges Program in Egypt.

Samir added, in a press statement, today, Friday, that the bank has already approved financing for five missions during the last quarter of 2022 and the first half of 2023 for the countries of Tunisia, Algeria, the Democratic Republic of the Congo, Cote d’Ivoire and Morocco in the sectors of the medical and pharmaceutical industries, and packaging materials, food industries, and other sectors.

The minister indicated that the meeting also reviewed the implementation of the second phase of the She Trades project, which was launched by the International Trade Center during the year 2020 for 100 business women in partnership with the Ministry of Trade and Industry, the International Islamic Trade Finance Corporation, the Islamic Development Bank, and a number of concerned national authorities, with the aim of supporting and encouraging Businesses led by women, especially small and medium enterprises, to export handicraft products abroad, expressing Egypt’s desire to increase the number of beneficiaries of this program and to expand its scope to include more sectors.

Samir pointed out that the meeting also dealt with the latest developments in the establishment of the export academy, and the follow-up of the implementation of the training program for export in cooperation with the Ministry’s Foreign Trade Training Center.

This came during the meeting held by Engineer Ahmed Samir, Minister of Trade and Industry, with Eng. Hani Sonbol, Chairman of the Board of Directors of the International Islamic Trade Finance Corporation of the Islamic Development Bank Group, which dealt with discussing the projects and programs that the Corporation is currently implementing in Egypt and a number of future projects that it intends to implement in cooperation. With the Egyptian government, with the participation of Dr. Hala Al-Saeed, Minister of Planning and Economic Development.

The meeting was attended by Ibrahim Al-Sigini, Assistant Minister for Economic Affairs, Minister Plenipotentiary of Trade Yahya Al-Wathiq Billah, Head of the Commercial Representation Authority, and Engineer Mohamed Abdel Karim, President of the Industrial Development Authority.

Dr. Hala Al-Saeed said that the International Islamic Trade Finance Corporation is one of the most prominent development partners for Egypt, as its projects contribute to supporting the sectors of trade and industry, small and medium enterprises, and women’s empowerment projects, in addition to supporting ways of commercial cooperation between Arab countries and the countries of the African continent, noting the importance of maximizing the benefit. One of the financing programs offered by the Foundation to contribute to the settlement of a number of industries in Egypt, especially green industries and food security projects.

In turn, Eng. Hani Sonbol, Chairman of the Board of Directors of the International Islamic Trade Finance Corporation, affirmed the Corporation’s keenness to enhance joint cooperation with the Egyptian government in programs related to promoting trade and women’s development, pointing to the importance of the Arab-African Trade Bridges Program in supporting trade cooperation between Arab African countries and benefiting from it. One of the opportunities and potentials available by focusing on several sectors, foremost of which are manufacturing, e-commerce, and the exchange of information and experiences.

Sonbol invited the Minister of Trade and Industry to attend the meeting of the Board of Directors of the Arab Trade Bridges Program, which is scheduled to be held in Tunis early next December, which will witness an extensive ministerial presence for all Arab and African countries members of the program.

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