The International Islamic Trade Finance Corporation promotes the Pharmaceutical Industry in Egypt and Africa and partners with the Export Development Authority to support cooperation in trade development

WITHIN the framework of the Arab Africa Trade Bridges Program, AATB, the International Islamic Trade Finance Corporation, ITFC, hosts the second buyers/sellers meeting in pharmaceuticals and related industries in Cairo, Egypt, where the potential of promoting the pharmaceutical industry is high in addition to facilitating procedures for the registration of medical products in Africa.

The meeting was attended by high-profile officials from both the ITFC and the Egyptian Export Development Authority, EDA, in addition to numerous representatives from the regional and international development agencies including United Nations Economic Commission for Africa, UNECA, and African Association of Essential Drugs National Purchasing Centres, ACAME.

The event witnessed the participation of 35 African and 45 Arab pharmaceutical companies operating in the field of drugs manufacturing and distribution, representing a 50 percent increase in the stakeholders’ participation from the first meeting held in 2017.

The opening ceremony witnessed the signing of a memorandum of understanding, MoU, to support cooperation in trade development and promotion, between the Egyptian Export Development Authority, represented by Shirin Al-Shorbagi, chairperson of the EDA, and the International Islamic Trade Finance Corporation, represented by Hani Salem Sonbol, its chief executive officcer, CEO.

The MoU aims to develop a general framework for cooperation and coordination between the two sides at the bilateral and regional levels concerning trade promotion and building capacities in the field of international trade.

The potential cooperation entails the planning and execution of technical assistance, TA, programmes for the EDA within the framework of the knowledge transfer and capacity development programmes for small and medium-sized enterprises, SMEs, in addition to launching trade development initiatives to enhance the Egyptian sectors’ access to both local and member countries of the Organization of Islamic Cooperation, OIC.

“We perceive the MoU as a step in the right direction towards enhancing Egypt’s economic, commercial and industrial status, which shall act as a catalyst to promoting positive impact on the flow of trade and business transactions and supporting SMEs in the coming stage”, said Shirin Al-Shorbagi, chairperson of the EDA.

Al-Shorbagi added that this Memorandum reflects the confidence of the international financing institutions, IFIs, in the Egyptian Economic Reform program.

“The MoU aims at intensifying close cooperation and the harmonization of development efforts between Egypt and the ITFC, in addition to granting the necessary support to SMEs in the trade sector, which is the dimension that puts the two parties’ strategic partnership into force”, said Eng. Hani Salem Sonbol, CEO of the ITFC.

Sonbol stressed that a partnership between the Arab Republic of Egypt and the International Islamic Trade Finance Corporation is of paramount importance and he praised the active role played by Egypt in supporting trade relations among the OIC member countries. He concluded by stating that this MoU demonstrates the OIC’s commitment to supporting its member countries, especially Egypt, through financing and promoting trade with the purposes of supporting youth and SMEs.

It is worth noting that the ITFC has so far concluded five framework agreements with the Government of Egypt, represented by the Ministry of Investment and International Cooperation, with a total amount of US $ 9.2 billion. The ITFC also supports Egypt through its trade programs, including the Aid for Trade Initiative for the Arab States, AfTIAS, and the Arab-Africa Trade Bridge, AATB, programmes.

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commenced operations in January 2008 (Muharram 1429H), ITFC has since consolidated all trade finance businesses that used to be handled by various windows within the IsDB Group. Earning the A1 rating by Moody’s reflects the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.

Since 2008, ITFC has provided more than US$40.2 billion of trade financing to OIC Member Countries, making the Corporation the leading provider of trade solutions for OIC Member Countries’ needs. With a mission of being a catalyst for trade development among OIC member countries and beyond, the corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

BE

– Dec. 13, 2018 @ 14:50 GMT |