Islamic finance corporation to diversify investment portfolio in Egypt

The CEO of the International Islamic Trade Finance Corporation (ITFC) Hani Salem Sonbol said the ITFC intends to diversify beyond its oil and mining investments in Egypt in order to support the country's economic reform programme

Sonbol explained that he would visit Egypt in December to discuss the plans of investment in Egypt for 2020 for the IFTC, which is a financial arm of the Islamic Development Bank (IDB).

The IFTC CEO made his statements during a meeting held Saturday with Egypt’s Minister of Investment and International Cooperation Sahar Nasr on the sidelines of the World Bank and International Monetary Fund annual meetings, held in Washington.

“Egyptian enterprises are the main beneficiaries of the Gosor programme for Arab-African trade, with the participation of 15 Egyptian enterprises. They also had the lion's share of trade opportunities in African markets that the programme has provided in the pharmaceuticals and food products sectors, with a total of $180 million," Sonbol added.