Egypt’s EGPC, GASC to sign ITFC’s $1.5 bln second tranche next month

Egypt’s state-run General Petroleum Corporation (EGPC) and General Authority for Supply Commodities (GASC) will sign next month contracts for the second tranche of a $3 billion from the Saudi-based International Islamic Trade Finance Corp (ITFC).

ITFC’s chief executive Hani Sonbol made the announcement on the sidelines of the African Export-Import Bank’s (Afreximbank) 2019 annual meetings in Moscow, Russia, the Enterprise journal reported on Wednesday

The ITFC, part of the Islamic Development Bank (IDB), pledged last year a package of $3 billion in loans to support the provision of basic goods and petroleum commodities.