Dr. Nasr: “The Agreement supports commodities such as food supplies and petroleum… A new strategy is laid with the Islamic Development Bank”
Hany Sonbol: “We intensify our effective contribution to realizing development in Egypt… The Agreement stems out of our duty to contribute to securing basic commodities in support of the people.”
On Tuesday, 30 January 2018, the Minister of Investment and International Cooperation Dr. Sahar Nasr signed an Agreement with Eng. Hany Sonbol the CEO of the Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB). The Agreement, worth USD 3 billion, was in favour of the Egyptian government to support securing basic commodities.
The Minister pointed out that the Agreement aimed to enhance cooperation and to coordinate efforts between Egypt and the Organisation of Islamic Cooperation (OIC), noting that it was in execution of the partnership between both sides. She added that the Agreement provided for supporting basic commodities such as petroleum and petroleum products, wheat, supply commodities and other commodities.
She commended OIC’s role through its different financing programs in favour of Egypt, noting that it had provided USD 6,974 billion up till 2017, where most funds were allocated to crude oil and its derivatives with special focus on EGPC’s requirements.
Dr. Nasr revealed that she was looking forward to increased cooperation with IDB Group during the following years within the new cooperation strategy with Egypt in support of its socio-economic program, which was expected to be announced during the upcoming period. She noted that it was essential that OIC continue to support trade in Egypt in cooperation with both public and private sectors.
Mr. Sonbol mentioned that the Agreement was in line with OIC’s objectives for which it was established, namely to enhance and promote trade and commercial cooperation among OIC’s member states, and out of OIC’s wish to effectively contribute to development in Egypt and to pin an effective framework for realizing this.
He stated: “We believe in MIIC’s important role in supporting the Egyptian economy under the exceptional circumstances the region is going through. Accordingly, We intensify our effective contribution to realizing development in Egypt and laying an effective framework for realizing this. … The Agreement stems out of our duty to contribute to securing basic commodities in support of the people,” adding “This is our objective at OIC, namely to finance trade to build strategic partnerships and find inclusive commercial solutions especially designed for our member states to in support of socio-economic development.”