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“We look forward to continuing to play a leading role in enhancing this partnership.”


Eng. Hani Salem Sonbol


A MILESTONE MARKED ON THE NILE “OFID has


participated in supporting about 80


projects in the Arab Republic of Egypt “


Saud Al Rajhi


The ITFC recently hosted a ceremony in Cairo to mark the implementation of US$1.13 billion of trade financing in favor of the Arab Republic of Egypt under the 5th Framework Agreement. Speaking at the event, ITFC CEO Eng. Hani Salem Sonbol said: “As ITFC, we are thrilled to commemorate with all our partners this new milestone in our long-term and strategic relationship with the Egyptian government. ITFC has signed five framework agreements to date with the government of Egypt totaling US$9.2 billion; and we look forward to continuing to play a leading role in enhancing this partnership to further support the country’s trade finance requirements and


development aspirations.” Also at the event, Saud Al Rajhi, OFID’s officer in


charge of the relationship with the ITFC, said: “OFID has participated in supporting about 80 projects in the Arab Republic of Egypt – with a total cost to date of more than US$16 billion – in the finance, electricity, energy, agriculture, health, industry, education and transportation sectors. This is in addition to trade credit operations and supporting numerous banks operating in Egypt, providing technical assistance and extending grants. This confirms OFID’s determination to do all it can to provide the necessary support for economic and social development efforts in Egypt.”


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PHOTO: fotohunter/shutterstock.com


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