Ashraf AboArafe
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group and the Saudi Export-Import Bank Saudi EXIM, signed an implementation agreement for a financing line worth $25 million for the benefit of Cairo Bank in the Arab Republic of Egypt, on the sidelines of the forty-ninth annual meetings of the Islamic Development Bank in the capital, Riyadh. .
The agreement aims to support export opportunities and enable Saudi small and medium enterprises to expand their business in Egypt, and facilitate the export of non-oil products to Egyptian markets.
This cooperation comes under the umbrella of the “Enabling Exports for Saudi Small and Medium Enterprises” program, with the aim of expanding the horizons of exporting Saudi non-oil products, promoting increased participation and attracting new importers of Saudi goods in Egypt.
The International Islamic Trade Finance Corporation (ITFC) and the Saudi Export-Import Bank are committed to raising the competitiveness of Saudi non-oil exports globally and providing credit facilities to financial institutions.
The agreement was signed by the CEO of the International Islamic Trade Finance Corporation, Eng. Hani Salem Sonbol, and His Excellency the CEO of the Saudi Export-Import Bank, Eng. Saad Al-Khalab.
This cooperation represents a major step in enhancing international trade and raising the contribution of small and medium enterprises to the Saudi gross domestic product, in line with the goals of the Kingdom’s Vision 2030, which represents one of the goals of the export empowerment program for small and medium enterprises in the Kingdom of Saudi Arabia.
It is noteworthy that a tripartite memorandum of understanding was signed in 2022 between the International Islamic Trade Finance Corporation (ITFC), the Saudi Export-Import Bank, and Monshaat, to launch a comprehensive program to enable the export activities of small and medium-sized companies in the Kingdom of Saudi Arabia.
