People walking around an outdoor market in Cairo, Egypt May 17, 2017 (photo: Reuters)
Egypt's Minister of Investment and International Cooperation Sahar Nasr, and Egypt's Minister of Supply and Internal Trade Ali Al-Moselhi, approved on Thursday an executive agreement signed between Executive Chairman of Islamic International Trade Finance Corporation (ITFC) Hani Sinbel, and Deputy Chairman of Commodity Supply Authority Ahmed Youssef.
The agreement, worth $1 billion, is to support the supply of goods to Egypt according to an official statement by the Egyptian Ministry of Investment.
The agreement is part of a agreement worth $3 billion, signed between the Ministry of Investment and International Cooperation and ITFC organization, to support the provision of basic commodities for citizens, the statement said.
ITFC financing was part of a new cooperation strategy between Egypt and Islamic Development Bank (IDB) lasting until 2021, the Egyptian Investment Ministry added.
This agreement is a sign of strength of the ongoing partnership relations between Egypt, the Islamic Development Bank (IDB) and ITFC.
ITFC has five agreements with the Egyptian government, represented by Egypt's Ministry of Investment and International Cooperation, totaling $9.2 billion.