Egypt: ITFC earmarks $1.1bn for energy, internal trade funding in 2020

The International Islamic Trade Finance Corporation, IFTC, has allocated to Egypt $1.1 billion destined to fund the energy sector and internal trade in 2020, Egypt Today reports.

Minister of Trade and Industry Nevine Gamea who made the announcement said $700 million of the funding will go to the energy sector, and $400 million to internal trade.

The aid package is in line with December agreement between two sides for the financing of imports of petroleum products and commodities in 2020.

The announcement came during a meeting between Gamea and IFTC CEO Hani Sonbol. The head of the Jeddah-based corporation visited Egypt to review the institution’s current projects and programs as well as the 2020 work program.

IFTC helps Egypt in several fields, including supporting exporters and importers, and developing value chains in the cotton sector in cooperation with the UN Industrial Development Organization “UNIDO”.

The financial foundation according to Gamea will this year launch in Egypt, the ‘Women in Arab Trade’ program, with the aim of empowering Egyptian women.