ITFC, Export Development Authority to support trade development

Friday 14 December 2018 10:30 CET | News

The International Islamic Trade Finance Corporation, Egyptian Export Development Authority have signed a MoU to support trade development.

During the Second Buyers/Sellers Meeting in Pharmaceuticals and Related Industries in Cairo, a Memorandum of Understanding (MoU) was signed to support cooperation in trade development and promotion, between the Egyptian Export Development Authority and the International Islamic Trade Finance Corporation. The MoU aims to develop a general framework for cooperation and coordination between the two sides at the bilateral and regional levels concerning trade promotion and building capacities in the field of international trade.

Egyptian Export Development Authority representatives have stated that this Memorandum reflects the confidence of the international financing institutions (IFIs) in the Egyptian Economic Reform program.

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the purpose of advancing trade among OIC member countries. Since 2008, ITFC has provided more than USD 40.2 billion of trade financing to OIC Member Countries. With a mission of being a catalyst for trade development among OIC Member Countries and beyond, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools to compete in the global market.

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Keywords: The International Islamic Trade Finance Corporation, Export Development Authority, Memorandum of Understanding, trade finance, trade development, Egypt, Middle East, MENA
Countries: World