Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi discussed with Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), ways of promoting cooperation within the framework of the role played by the ITFC since 2008 in supporting the Egyptian petroleum sector and contributing to achieving its hoped for development and modernization goals.
According to a statement released by the Ministry of Petroleum and Mineral Resources on Friday, the ITFC offers trade finance facilities to the Egyptian General Petroleum Corporation (EGPC) annually to help it to secure part of Egypt’s needs of crude oil and petroleum products, givenof the challenges posed by successive global crises that have directly affected the economies of all countries around the world.
Badawi praised the role of the International Islamic Trade Finance Corporation in supporting the energy sector in Egypt, noting that targeted joint cooperation programs in various petroleum activities were addressed during the current and next years.
For his part, Sonbol stressed that the corporation will continue to provide integrated trade solutions to meet the needs of the Egyptian petroleum sector, expressing readiness to provide the necessary funding to EGPC to implement new projects in the oil and gas industry.
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