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Wednesday, 18 September 2019

Egypt signs $3 bln agreement with International Islamic Trade Finance Corporation to fund basic commodities imports

Ahram Online , Tuesday 30 Jan 2018
File Photo: nvestment and International Cooperation Minister Sahar Nasr (Photo: Reuters)
Views: 4725
Views: 4725

Investment and International Cooperation Minister Sahar Nasr signed a $3 billion agreement with International Islamic Trade Finance Corporation (IITFC) CEO Hani Salem Sonbol to fund the import of basic commodities including oil, petroleum products and wheat, the ministry announced in a statement on Tuesday.

The IITFC provided $6.97 billion to Egypt by 2017, mainly to fund the purchase of crude and petroleum products by the Egyptian General Petroleum Company. 

The corporation is an autonomous entity within the Islamic Development Bank Group.

Egypt is the world's largest importer of wheat.

Egypt's imports in the financial year ending on 30 June reached 5.58 million tonnes, up from 4.4 million the previous year, according to Reuters.

The Supply Ministry said last July that it aims to cut wheat imports by up to 10 percent through flour subsidy reforms.

Egypt's petroleum imports in FY 2016/17 recorded $11.2 billion, up from $9.3 billion, according to the Cenral Bank's Balance of Payments report for fiscal year 2016/17. 

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