Int'l cooperation Minister , ITFC sign letter of intent

International Cooperation Minister Sahr Nasr signed a letter of intent with CEO of the International Islamic Trade Finance Corporation (ITFC) Hany Sonbol on the sidelines of the Annual Meetings of the International Monetary Fund and the World Bank Group in Washington.

In statements on Monday, Nasr said that the letter falls within the Egyptian government's keenness on achieving a quantum leap in its exports as a locomotive for the development of Egypt's industries.

She added that the Egyptian government called on ITFC to contribute to the growth of Egypt's exports.

The ITFC will mull the programs it can develop to shore up the Egyptian exports under the umbrella of its regional trade promotion program "Arab-Africa Foreign Trade Bridge", Nasr said.

The two sides also discussed the Aid for Trade Initiative for Arab States (AfTIAS), which Egypt contributed to by 500 million dollars. 

For his part, Sonbol voiced keenness on boosting cooperation with Egypt in developing this initiative.

Egypt has increased its shares in the ITFC from 1273 to 1513, which represented 2% of the institution's capital.

Source: MENA