Financing operations in Egypt hit $11.2B by ITFC’s support.

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Egypt is one of the most essential partners of the International Islamic Trade Finance Corporation (ITFC), CEO of ITFC Hany Salem Sonbol said.
“The total range of ITFC’s approved financing operations in Egypt reached about $11.207 billion to finance the import of petroleum and its products, in addition to meals commodities and other products,” Sonbol referred to it in a declaration on Tuesday.

This got here in the course of the launch of a capacity-building system for the General Authority for Supply Commodities (GASC) within the framework of the “Integrated Trade Solutions” undertaking that the ITFC gives to its member states to guide its improvement programs.

It was launched with the aid of the Egyptian Ministry of Planning, in cooperation with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank,

“It is a count of pleasure that the International Islamic Trade Finance Corporation has partnered with the Egyptian government, mainly the Ministry of Planning and Economic Development and the Ministry of Supply and Internal Trade, in launching the capacity building application for the General Authority for Supply Commodities,” Sonbol commented.
Sonbol said that the application focuses on business banking transactions associated to the import of goods, practise of lists, final accounts, budget of the authorities sector, and procedures related to the receipt of items such as inspection and standard agricultural crops.


According to the statement, the ability constructing the system for the General Authority for Supply Commodities comes within the framework of the “Integrated Commercial Solutions” project, from which 44 trainees will gain from the Ministry of Slupply and Internal Trade and the General Authority for Supply Commodities.
The application deals with a range of areas, which are the coaching of monetary statements, remaining accounts, the price range of the authorities region by way of 22 trainees, commercial banking transactions related to the import of goods and sixteen trainees advantage from them, and industrial transactions related to the receipt of items such as inspection and first-class especially for agricultural plants and 6 trainees benefit from them, where the applications start with the financial assertion coaching cycle.
The financing application supplied to Egypt for the year 2020 comes within the framework of the two framework agreements signed in September 2018 between the Arab Republic of Egypt and the International Islamic Trade Finance Corporation to finance the provide of strategic goods for Egypt.

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