Egypt seeks another ITFC financing for MSMEs
Egypt is seeking another financial support from the International Islamic Trade Finance Corporation (ITFC) to back micro-, small-, and medium-sized enterprises (MSMEs) after the country secured last month $2.6 billion to fund developmental projects.
The Ministry of Planning and Economic Development Monday indicated that the signing will take place this month, Arab Finance reports.
The announcement, the media says, came on the sidelines of the visit of finance minister Hala El-Said to the headquarters of ITFC in Jeddah, Saudi Arabia.
Late last month, ITFC approved a financing of $2.6 billion to fund developmental projects in Egypt supervised by the Ministry of Trade and Industry.
The ministry did not reveal areas that the financing will cover. The ITFC in collaboration with the ministry will establish the first exporters’ academy in Egypt.
The academy will provide training programs to support the Egyptian exporters and enhance their ability to access more global markets.