EGP1.4 bln New Framework Agreement With Islamic Bank: Momtaz al-Saeed

By Administrator On Sep 30, 2012

The ministers of finance, planning and international cooperation, and petroleum and mineral resources will sign a new framework agreement today to provide soft fund by the system of Murabha (Islamic finance), with $235 million (EGP1.433 billion). This will be for the interest of Egyptian General Petroleum Corporation (EGPC), as the fund is provided by the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group.

The minister of finance, Momtaz al-Saeed, stated that this new fund is included in the framework agreement that Egypt has recently signed with ITFC, in order to get soft fund to meet the needs of the country; necessary and strategic commodities.

By this agreement, the ministry of finance will pay the value of this agreement through its accounts in the Central Bank of Egypt(CBE).

Central Bank of Egypt(CBE)Egyptian General Petroleum Corporation (EGPC)Financial Institutions framework agreement International Islamic Trade Finance Corporation (ITFC)Islamic Development Bank Group minister of finance Momtaz al-saeed