ITFC inks export financing pact

Egypt's Minister of International Cooperation Sahar Nasr, and ITFC CEO Hani Salem Sonbol, exchange documents after signing the agreement.
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB), and the government of Egypt have signed a letter of intent (LoI), for supporting the country’s export financing sector.
The letter was signed by Minister of International Cooperation Sahar Nasr, and ITFC CEO Hani Salem Sonbol on the sidelines of the 2016 annual meetings of the IMF and the World Bank Group in Washington. 
The LoI offers programs to support the Egyptian exports, which includes export programs under its Arab Africa Trade Bridge initiative (AATB), which is meant to strengthen trade between Arabic and African countries. In addition, both parties agreed to arrange consultative meetings to discuss future development programs. 
Sonbol said: “Improving trade in general and Intra OIC trade in particular is one of the main goals for ITFC, therefore, by signing this letter we get closer to accomplishing what ITFC was created for.”
This step of signing with the government of Egypt is emanating from the well-established cooperation, whereby ITFC has signed several framework agreements with Egypt represented by the Egyptian General Petroleum Corporation (EGPC) with a total of $6.2 billion that was used to import oil and petroleum products.

Source: Arab News