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

Newspaper Title: english.ahram.org.eg

Newspaper Number:

Sunday - 22 January 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.

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.