ITFC inks export financing pact

Egypt's Minister of International Cooperation Sahar Nasr, and ITFC CEO Hani Salem Sonbol, exchange documents after signing the agreement.
Updated 12 October 2016

ITFC inks export financing pact

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB), and the government of Egypt have signed a letter of intent (LoI), for supporting the country’s export financing sector.
The letter was signed by Minister of International Cooperation Sahar Nasr, and ITFC CEO Hani Salem Sonbol on the sidelines of the 2016 annual meetings of the IMF and the World Bank Group in Washington.
The LoI offers programs to support the Egyptian exports, which includes export programs under its Arab Africa Trade Bridge initiative (AATB), which is meant to strengthen trade between Arabic and African countries. In addition, both parties agreed to arrange consultative meetings to discuss future development programs.
Sonbol said: “Improving trade in general and Intra OIC trade in particular is one of the main goals for ITFC, therefore, by signing this letter we get closer to accomplishing what ITFC was created for.”
This step of signing with the government of Egypt is emanating from the well-established cooperation, whereby ITFC has signed several framework agreements with Egypt represented by the Egyptian General Petroleum Corporation (EGPC) with a total of $6.2 billion that was used to import oil and petroleum products.


Helicopter Company hauls largest airborne Saudi flag across the Kingdom’s skies

Updated 29 September 2020

Helicopter Company hauls largest airborne Saudi flag across the Kingdom’s skies

  • Impressive spectacle marked the start of a first-of-its-kind airshow, as part of the Kingdom’s 90th National Day celebrations

RIYADH: The Helicopter Company (THC) helped Saudi Arabia’s 90th National Day Airshow get off to a flying start by displaying the largest airborne Saudi flag in the skies above the Kingdom.

The impressive spectacle marked the start of the first-of-its-kind event, which combined military and civil aviation displays in a single show. The week-long airshow, organized by the General Entertainment Authority, began in Jeddah on Sept. 21, before moving on to Riyadh and concluding in Al-Khobar.

It began with a THC AgustaWestland AW139 helicopter towing the 2,000-square-meter flag across the sky. At the end of each day’s airborne entertainment, THC took the skies again to display a banner decorated with the slogan of the 90th National Day, “mettle to the top.”

THC, which is wholly owned by the Kingdom’s Public Investment Fund, recently launched its banner-towing service. It offers clients the chance to display messages and advertise products on huge customized banners towed across the sky by a helicopter. The company’s participation in the National Day Airshow was the first official use of the service. THC has also introduced aerial photography, in addition to other recently announced aerial business services.