Egypt was the only Arab country to achieve positive growth during coronavirus crisis

CAIRO – President of the International Islamic Trade Finance Corporation (ITFC) Hani Sonbol said that Egypt was the only Arab country to achieve positive growth during the coronavirus crisis due to the economic reforms introduced by the Egyptian government.

ITFC president’s remarks were made during his meeting with Petroleum and Mineral Resources Minister Tarek El Molla on the fringe of the UN Climate Conference, which is currently in session in Sharm El Sheikh. The two sides discussed means of enhancing joint cooperation in light of the successive challenges facing the world and influencing the countries’ economies.

Sonbol voiced his admiration of the organization of the conference, noting that ITFC would continue to offer integrated trade solutions to meet the needs of the Egyptian oil sector. He also said that ITFC is ready to offer all necessary funding to implement new projects in the fields of oil and gas.

Meanwhile, Molla highlighted the sustained coordination with ITFC as one of the key development partners which provide the necessary funding for vital sectors in Egypt. Molla also reviewed with the ITFC president the targeted joint cooperation programmes in the oil sector during the coming year.