Cairo – Mubasher: International Islamic Trade Finance Corporation (ITFC) has agreed to provide the Egyptian General Petroleum Corporation (EGPC) with a $380 million financing.

This sum represents the first tranche of the $3 billion financing agreement signed with the Egyptian government in January.

Upon the agreement, the North African nation aims to finance imports of some main commodities, such as petroleum products, wheat, food, and other goods, according to Almal News.

Two more agreements will be signed between both parties in September to support the operations of both Export Development Authority (EDA) and the Public Authority of Supply, ITFC’s CEO Hani Salem Sonbol said.

One of the anticipated agreements will worth nearly $300 million, he pointed out.

In January, Egyptian investment and international cooperation minister Sahar Nasr had signed an agreement worth $3 billion with Salem.