Al Mashat: Close Cooperation with ITFC in Many Strategic Areas

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt's Governor at the Islamic Development Bank, received Engineer Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation, and Acting CEO of the Islamic Corporation for the Development of the Private Sector, to review the status of cooperation between Egypt and the corporation and to explore new avenues for collaboration in line with the priorities of the Egyptian government.

At the beginning of the meeting, Al-Mashat welcomed Eng. Sonbol and his accompanying delegation emphasized that the International Islamic Trade Finance Corporation (ITFC) is a supportive institution for Egypt in many strategic areas, particularly in providing petroleum and food commodities. 

She extended her gratitude to the institution's leadership for their efforts over the past years.

Al-Mashat addressed the current priorities of the government, which aims to empower the private sector, enhance the investment climate, and create opportunities for both local and foreign private sector investments, thereby increasing investment volume and enhancing macroeconomic stability. 

She noted that the government has embarked on an ambitious economic and structural reform program to foster comprehensive economic development and overcome the challenges facing the Egyptian economy.

Al-Mashat also discussed the role of her ministry in managing public investments and enhancing collaboration between Egypt and multilateral and bilateral development partners, creating synergy between the parties to drive economic development and improve the efficiency and effectiveness of implemented projects. 

She highlighted the importance the state attaches to industrial and human development, with two ministerial committees headed by the Deputy Prime Ministers, aimed at promoting exports and developing human resources.

In this context, the minister pointed out the potential role of the International Islamic Trade Finance Corporation and the Islamic Corporation for the Development of the Private Sector in supporting government priorities, encouraging private sector investments, and aiding industrial localization and export expansion.

She also underscored the significance of the ministerial committee for human development and the launch of the presidential initiative for human development "Bidaya" to prepare an effective human resource capable of contributing to development efforts.

Al-Mashat clarified that the ministry is currently focusing on several priorities, foremost among them regulating investment spending and public investment governance, thereby creating space for the private sector, in addition to achieving integration with development partners' programs. 

She explained that the economic development file intersects with various sectors and concerned ministries.

For his part, Eng. Hani Sonbol congratulated H.E. Dr. Rania A. Al-Mashat on the trust placed in her by the political leadership to take on the role of Minister of Planning, Economic Development, and International Cooperation. 

Sonbol indicated that the Islamic Trade Finance Corporation is proud of its partnership with Egypt and consistently provides support to the Egyptian state in order to implement development priorities. 

He expressed hope for further collaboration with the Islamic Trade Finance Corporation, the Islamic Corporation for the Development of the Private Sector, and the Egyptian government in the coming period.

Eng. Hani Sonbol commended the numerous meetings with Egyptian government ministers, which demonstrated a unified message and vision aimed at encouraging investments, attracting the private sector, and advancing the Egyptian economy. 

He added that the International Islamic Trade Finance Corporation has a history of constructive and collaborative cooperation with the government, which is executed to the fullest extent, and is open to cooperation that aligns with the state’s priorities.

The two sides discussed ongoing areas of joint cooperation, including the new framework agreement, the program to qualify and train 50 female entrepreneurs in the fields of handicrafts and heritage for export, which is being implemented in collaboration with the International Islamic Trade Finance Corporation, the Foreign Trade Training Center, and the Micro, Small, and Medium Enterprises Development Agency, and the Aid for Trade Initiative for Arab States (AfTIAS 0.2) program. 

A partnership agreement was signed between the corporation, Expolink, and the Foreign Trade Training Center to establish an Export Academy in the Arab Republic of Egypt during the annual meeting of the Islamic Development Bank Group.