Cairo, Egypt – The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IDB) Group, signed a partnership agreement with the Industrial Training Council (ITC) (a subsidiary of the Ministry of Trade, Industry and SMEs of Egypt) and Foreign Trade Training Center (FTTC), for the implementation of the “Youth Training and Employment for Trade Project” in the Arab Republic of Egypt. The signing ceremony took place in Cairo on 8th March, 2016.
The Agreement was signed by Eng. Hani Salem Sonbol, Acting CEO ITFC and Eng. Tarik Kabil, Minister of Trade, Industry & SME’s, on behalf of the Industrial Training Council (ITC), in the presence of high level representatives from all entities.
The purpose of this Partnership Agreement is to provide a framework for cooperation between FTTC, ITC and ITFC, particularly for the implementation of the project approved by the 4th Meeting of Aid for Trade Initiative for Arab States (AfTIAS) Board held in Cairo on the 1st of December 2015, which will be implemented by FTTC. The project aims to achieve inclusive economic growth with increased employment opportunities and greater competitiveness through trade policy reforms in Arab countries as an integral part of the regional trade and economic integration agenda.
Commenting on the signing, Eng. Tarik Kabil stated, “We believe this partnership with ITFC and FTTC will contribute to decreasing the youth unemployment as well as the development of export competitiveness and sustainability in the global market. Training for export is a very crucial step to achieve the Egyptian Government’s goal towards export development on the one hand and job creation on the other hand.
Eng. Hani Sonbol in his statement, said; “This partnership is a major milestone towards ITFC’s mandate to enhance member countries’ trade capacities for sustainable national trade development. Especially that export acceleration is one of the most important gateways for the Egyptian economic growth, due to the impact on the job creation (direct & indirect) and developing value added chains. “The overall goal of the project is to contribute to decreasing youth unemployment, and to the development of export competitiveness and sustainability in the global market.
It is worth mentioning that the Aid for Trade Initiative for Arab States (AfTIAS) is a multi-donor, multi-country and multi-agency programme, aiming to foster Arab trade through enhancing enterprise competitiveness and facilitating trade. The AfTIAS is organized to help Arab countries to expand trade beyond current levels, boost economic growth and employment, reverse deindustrialization and ultimately achieve higher human development outcomes.
The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade, which would ultimately contribute to the overarching goal of improving socioeconomic condition of the people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within IDB Group. It commenced operations in Muharram 1429H (January 2008G). The consolidation of IDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. Its primary focus is to encourage more intra-trade among OIC member countries. As a member of IDB Group, ITFC has unique access to member countries’ governments and it works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market. www.itfc-idb.org