Cairo – Mubasher: The International Islamic Trade Finance Corporation (ITFC) has opened a credit line worth $400 million for Egypt this week to purchase petroleum products in a last $3 billion tranche of the finance deal inked in 2015, CEO Hani Sonbol told Reuters on Thursday.

The ITFC is projected to commence implementing a new $3 billion deal with Egypt in the first half of 2018 for petroleum products and essential commodities, Sonbol added.

He also noted that the corporation’s trade finance portfolio is expected to rise to $5-5.5 billion in 2018 from $4.9 billion in 2017.

Earlier this week, Egypt’s investment ministry has confirmed a $3 billion funding from the ITFC to finance the North African nation's commodity imports.