ITFC Agrees to Fund USD 1.5 Billion of Petroleum and Supply Commodities Imports in Egypt

The International Islamic Trade Finance Corporation (ITFC) and the government of Egypt have signed an EGP 23.6 billion (USD 1.5 billion) agreement to fund and support the import of petroleum and supply commodities, as reported by ITFC’s Chief Executive Officer (CEO) Hani Sonbol on the 15th of February 2022.

Why it Matters?

The long-standing partnership between the Egyptian government and the ITFC had resulted in various projects contributing to supporting the sectors of trade and industry, small and medium enterprises, and women's empowerment projects, in addition to supporting the commercial cooperation between Arab and African countries. Sonbol emphasised that the funding will be split between petroleum commodities set to receive EGP 12.6 billio...