Egypt To Host The NATF Summit In June
The NATF or North Africa Trade Finance Summit 2022 will be held in Egypt from 7th to 8th June. The summit will see financial innovators, founders of pioneering and start-up companies, over 30 business leaders, and more. The theme for this year will be “Improving Trade Resilience Amid Series Of Global Supply Chain Disruptions.”
On Sunday, during the announcements, the Egyptian Cabinet elaborated that there would be immense panel discussions regarding the recent developments in the trade finance sector. They will also be reviewing the world of trade after the pandemic and the Russia-Ukraine war.
After all, according to Abdul Hakim Elwaer, the Regional Representative for the Near East and North Africa and the Assistant Director-General of the Food and Agriculture Organization, one of the biggest sufferers of this war are the Arab countries. Both the countries involved in the war fulfilled 30% of the world’s needs for grains, cooking oil, and wheat. And almost half the African and Middle Eastern countries rely heavily on these imports for their staples.
With sanctions on Russia and Ukraine being unable to export, traditional clients cannot carry out their financial transactions. Also, the war has caused severe hikes in food prices following the increase in shipping insurance and other such costs.
Elwaer also pointed out that Egypt has successfully handled these crises previously, especially during the COVID-19 pandemic. Moreover, they maintained their development works and implemented diversification to achieve the highest growth rate in the North African and Middle Eastern regions. He also said that Egypt’s success had been proven in the last couple of years, and their hard work should be taken as a worthy example for all the other countries.