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Morsi Discusses Cooperation with Islamic Trade Finance Corporation Chairman

The International Islamic Trade Finance Corporation (ITFC) pledges support to bolster relations and boost Egyptian economy, with billion-dollar deal already signed Sunday in Cairo.

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President Mohamed Morsi received, Monday, at the presidential palace in Heliopolis – Cairo, Dr. Walid Wuhaib, Executive Chairman of the International Islamic Trade Finance Corporation (an affiliate of the Islamic Development Bank group) and the delegation accompanying him, in the presence of Ms. Faiza Abul-Naga, Minister of Planning and International Cooperation.

The meeting discussed the framework agreement with The International Islamic Trade Finance (IITFC) to provide finance to the tune of one billion dollars for the Egyptian oil and commodity authorities, signed on Sunday by Minister of Planning and International Cooperation with Dr. Walid Wuhaib, the IITFC’s Executive Chairman of the Foundation, in the presence of Dr. Kamal Ganzouri, the Prime Minister. This comes as part of the government's drive to provide for the needs of the country's petroleum and wheat, as strategic goods for the country.

The meeting further discussed ways to deepen cooperation between Egypt and IITFC and the Islamic Development Bank (IDB) and to urgently support the Egyptian economy during the current period.