Cairo – Mubasher: International Islamic Trade Finance Corporation (ITFC) has allocated funding worth $1.1 billion to Egypt during 2020, the Egyptian minster of trade and industry Nevine Gamea said.
The funding will be pumped into several sectors, including $700 million to the energy sector and $400 million to the internal trade sector, Gamea added in a statement on Thursday.
ITFC has implemented several cooperation programmes in the North African nation to support importers and exporters and promote a sustainable cotton value chain in collaboration with the United Nations Industrial Development Organization (UNIDO), she revealed.
In addition, the CEO of ITFC Hani Sonbol revealed that a number of cooperation programme are being implemented with the Egyptian government under the ‘Arab-Africa Foreign Trade Bridge’ programme.
More than 28 projects have been established so far to promote Arab-African trade ties, Sonbol added.
Sonbol stressed that the African continent has a burgeoning consumer market and is one of the largest market in the world with a gross domestic product (GDP) of more than $3 trillion.
