ITFC Commends Egypt's MOIC for Boosting Multilateral Cooperation

The International Islamic Trade Finance Corporation commended the efforts of the Egyptian Ministry of International Cooperation (MOIC) for bringing relevant parties together through the Egypt Forum for International Cooperation and Development Finance.

Hani Salem Sonbol, CEO of the International Islamic trade Finance Corporation (ITFC) praised on Wednesday the efforts of the ministry in bringing together international institutions through the forum, explaining that organizing this event came at the 'right timing'.

“I am not surprised, as the Egyptian government has always been at the forefront of development cooperation and has provided an innovative framework for international and multilateral cooperation. We hope that this framework will be expanded to other countries and provide them with a clear path to achieving the 2030 development goals,” Sonbol explained.

This came during his participation in the activities of the second session of the Egypt Forum for International Cooperation and Development Finance, under the title "Strengthening international financing mechanisms to comply with the 2030 SDGs".

Sonbol added that trade finance is now more important than ever in order to enable the poorest countries to finance and continue their link to the international trade system so as not to be left behind, especially since the trade finance gap, which was initially estimated at $1.5 trillion before the  pandemic has increased dramatically. "We now need it between $3.4-$6.5 trillion in trade finance to be able it meet its SDGs."

The forum, which was launched this morning, under the auspices of President El-Sisi, witnessed the participation of PM Mostafa Madbouly, and the Ministers of International Cooperation, Manpower, Supply, Education, Planning, Health, Environment, Communications, Information Technology, Transport, Social Solidarity, Agriculture, Industry and Trade, Health, workforce and local development.

The forum was attended by high-level government representatives from Africa, Europe and Latin America, heads of international and regional financial institutions, and representatives of the private sector and civil society.