Egyptian Minister of Trade and Industry Nevein Gamea has reiterated Egypt’s support to the launch of the second phase of the Aid for Trade Initiative for Arab Countries programme (AfTIAS 2).
The step aims to contain the negative impacts of the coronavirus pandemic on trade in the Arab region.
The programme is implemented by the International Islamic Trade Finance Corporation (ITFC).
In her address to a virtual event organised by the ITFC on “The Role of AfTIAS 2 initiative for achieving economic recovery of trade in the Arab region after the coronavirus pandemic”, Gamea said that Egypt will continue backing the AfTIAS programme to secure its success.
She also referred to hopes for promoting trade in the Arab World, which is still at modest levels compared to the rest of regional blocs and groupings worldwide.
Increasing exports, honing the skills of youth and women, and developing the small and medium size enterprises (SMEs) are among Egypt’s top priorities in the second phase of the AfTIAS 2 programme, the minister said.
Gamea noted that Egypt had contributed to overseeing the implementation of the programme through its membership in the Board of Directors, along the rest of donors and the UN agencies.
The total number of projects implemented so far hit 28 in several areas related to the Arab foreign trade, the minister of trade said.
Moreover, the initiative has helped promote women’s entrepreneurship through the Women in Global Trade (SheTrades) programme.
Gamea hailed the distinguished partnership the ITFC has concluded with the Ministry of Trade and Industry over the past years, leading to the implementation of a number of projects to back the Arab foreign trade.
Egypt has exerted tremendous efforts in designing the second phase of the programme, she said.
Last October, Cairo hosted a workshop on “Change for the IfTIAS Programme” under the supervision of the Ministry of Trade and Industry, with the participation of a number of international trade experts and regional and global organisations.
Egypt has recently signed the ITFC programme for 2021 to provide integrated financing solutions to Egypt for $1.1 billion.
The programme was signed by CEO of the ITFC Hani Salem Sonbol, and Executive Vice President of the Egyptian General Petroleum Corporation (EGPC), Ashraf Abdullah, and Vice-Chairman of the Board of Directors of the General Authority for Supply Commodities (GASC) Ahmed Youssef.
The ITFC intends to carry out a set of activities in Egypt during 2021, in light of the framework agreement signed between Egypt and the corporation in 2018 for five years with a credit limit of $3b.
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