Egypt signs $1.5 billion financing agreement with ITFC – ministry

Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund its trading, including imports of energy products and essential commodities, Ministry of Planning stated on Sunday.

The financing cooperation portfolio between Egypt and the corporation totals $14.5 billion so far, said the Minister of Planning Hala al-Saeed during the signing ceremony.

The latest signing comes within the framework agreement concluded between Egypt and the ITFC in 2018 that was renewed last year for an additional five years, with an amendment to the credit limit of the agreement from $3 to $6 billion.

Last year, Egypt signed a similar agreement of $1.5 billion with the corporation, which is headquartered in Jeddah in Saudi Arabia and often funds Egypt’s commodities imports, including grains and petroleum.