Planning ministry, ITFC launches program that boosts commodities supply in Egypt – Economy – Business

The Ministry of Planning and Economic Development, in cooperation with the International Islamic Trade Finance Corporation, a member of the Islamic Development Bank Group, launched on Tuesday a capacity building program for Egypt’s General Authority for Supply Commodities (GASC) within the framework of the “integrated trade solutions” project that the Foundation provides to its member states to support its development programs.

The Minister of Planning and Economic Development and Governor of Egypt at the Islamic Development Bank Group, Hala El-Said, said in a statement that the program includes the implementation of three training courses dealing with commercial banking transactions related to importing goods and preparing financial statements, as well as managing commercial procedures related to receiving goods.

El-Said indicated that 44 trainees from the Ministry of Supply and Internal Trade and the GASC will benefit from the program, adding that the Egyptian Banking Institute, the training arm of the Central Bank of Egypt, will implement the training.

The CEO of the International Islamic Trade Finance Corporation, Hani Salem Sonbol, said that the program comes after approving $200 million for the benefit of the GASC, intending to cover the Egyptian government’s needs for basic strategic commodities, which will enhance the authority’s capabilities to mitigate the effects of the COVID-19 pandemic.

Sonbol pointed out that Egypt is one of the most important partners of the International Islamic Trade Finance Corporation.

The total number of approved financing operations amounted to about $ 11.207 billion to finance the import of petroleum and its products, in addition to food commodities and other products, according to the statement.

The financing program provided to Egypt for the year 2020 comes within the two framework agreements signed in September 2018 between Egypt and the International Islamic Trade Finance Corporation to finance the supply of strategic goods for the benefit of Egypt through the institution.

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