"Minister of Finance... in his meeting with the Executive President of the International Islamic Trade Finance Corporation on May 13, 2023 at 18:30."

Newspaper Title: Ministry of finance Arab Republic of Egypt

Newspaper Number:

Saturday - 13 May 2023

Dr. Mohamed Maait, the Minister of Finance, emphasized our keenness to deepen permanent communication channels with development partners to open up broad horizons for local and foreign investments that contribute to maximizing productive and export capabilities.

This is considered a fundamental pillar for enhancing the overall economy's infrastructure, enabling it to deal positively and flexibly with the interconnected global challenges resulting from the recurring international crises such as the Covid-19 pandemic and its severe disruptions to supply chains and logistics. Then came the war in Europe, which led to an unprecedented inflationary wave, reflected in the skyrocketing prices of goods and services, especially food and fuel, as well as financing costs. Accessing international markets to bridge financial gaps has become more difficult and costly for all developing countries. This requires international cooperation and the consolidation of global solidarity pathways to mitigate the extremely negative impacts on emerging economies.

During his meeting with Eng. Hani Salem Sonbol, the Executive President of the International Islamic Trade Finance Corporation, on the sidelines of their participation in the annual meetings of the Islamic Development Bank Group in Saudi Arabia, the Minister expressed his gratitude to the Kingdom of Saudi Arabia and the management of the Corporation for their hosting and efforts in supporting and participating in various development projects. He also emphasized our aspiration to develop inter-trade mechanisms to achieve economic integration among the members of the Islamic Development Bank and regional partners, and to provide appropriate tools for the exchange of strategic commodities by increasing efforts aimed at facilitating procedures according to the best global practices. This will contribute to reducing the cost of inter-trade, consolidating the foundations of cooperation, and regional economic integration. Additionally, there is an exploration of more trading and investment opportunities between Arab and Islamic countries, especially cooperation in e-commerce and investment opportunities in the industrial sector that enhance private sector participation and integration in government sector projects.

The Minister stated that the annual meetings of the Islamic Development Bank Group serve as an effective platform for communication, exchanging experiences, and encouraging productive partnerships to mitigate the impact of multiple crises. They also facilitate continuous coordination to implement the best development cooperation programs, prioritized according to each country's needs, and to find optimal and feasible solutions to enhance vital sectors such as education, health, and food security, as well as to improve the competitiveness of member countries in various fields.

The Minister emphasized the government's interest in enhancing constructive partnerships with the private sector to support comprehensive and sustainable development in a more stimulating production climate. This is achieved by taking many measures to encourage a business-friendly environment and enacting policies and measures for the productive sectors based on the development of a strong infrastructure capable of meeting all investment requirements. He also noted that we look forward to the Corporation's support in developing the financing system using all possible types of sukuk in the next stage. We also anticipate that government offerings will attract new segments of investors during the upcoming period.

The Executive President of the International Islamic Trade Finance Corporation expressed appreciation for Egypt's continuous support for the Corporation and expressed his wish for further development of cooperation between the two sides. He confirmed that they are fully prepared to provide all possible support to Egypt and to leverage the Bank's experts to provide support and consultations related to developing the process of sukuk issuance in Egypt. The Bank's presence in Egypt's development process is growing rapidly and impressively, enabling it to achieve remarkable accomplishments on Egyptian territory.

He pointed out that they look forward to participating in financing and investing in climate and renewable energy projects, and to a larger presence with the private sector through financing programs, especially in investment projects related to energy, education, and technology. He expressed his complete reassurance in Egypt's financial management and the continuous stimulating investment measures taken by the government, and we expect Egypt to continue to progress.

Translated by Rehab Taha

Cairo Chamber

Source : Ministry of finance Arab Republic of Egypt