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Egypt to receive $3bn funding from ITFC

Egypt to receive $3bn funding from ITFC
Egypt’s investment ministry has confirmed a $3 billion fund from the ITFC.

Cairo – Mubasher: Egypt’s investment ministry has confirmed a $3 billion funding from the International Islamic Trade Finance Corporation (ITFC) to finance the North African nation's commodity imports, according to a recent statement by ITFC.

This came on the sidelines of signing a framework agreement between investment minister Sahar Nasr and CEO of ITFC Hani Salem Sonbol.

The agreement covers key items, including maintaining cooperation between Egypt and ITFC, as well as implementing a strategic partnership between the two parties in the field of trade finance, import of commodities such as petroleum, oil and gas products, wheat, foodstuffs and other commodities.

"The institution intensifies to contribute effectively to development in Egypt and to create an effective framework for the work through which to achieve this,” Sonbol said.

“This is what we seek in ITFC to build a strategic partnership and provide integrated business solutions designed specifically for our member states to support social and economic situations," he continued.

Meanwhile, Nasr lauded ITFC’s role in various financing programmes that it provides to finance trade, which in return help stamp out the obstacles to intra-trade.