Egypt signs $1.5 bln financing agreement with Islamic Trade Finance Corporation

Ahram Online , Sunday 22 Jan 2023

Egypt has signed a $1.5 billion agreement with the International Islamic Trade Finance Corporation (ITFC) to fund its trading, CNBC Arabia reported, quoting CEO of the ITFC Hani Salem Sonbol.

Hala El-Said
Planning Minister Hala El-Said (Photo: Al-Ahram)

 

Sonbol said the agreement includes financing imports of energy products and essential commodities.

In 2022, Egypt signed a similar agreement, also worth $1.5 billion, with the ITFC, which is headquartered in Jeddah, Saudi Arabia.

The financing cooperation portfolio between Egypt and the corporation totals $14.5 billion so far, Planning Minister Hala Al-Saeed said at a signing ceremony in Cairo, MENA reported.

The package aims to strengthen the country's ability to mitigate Covid-19's economic and social repercussions, as well as the successive developments in the international arena as a result of the Russian-Ukrainian crisis, she said.

The minister added that the deal is within the framework of a 2018 agreement between Egypt and the ITFC that was renewed in 2022 for an additional five years, with an amendment to the credit limit of the agreement from $3 billion to $6 billion.

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