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ITFC to inject $3bn into Egypt in 2019

ITFC to inject $3bn into Egypt in 2019

By: Eslam Fadl

Cairo – Mubasher: The International Islamic Trade Finance Corporation (ITFC) is looking to invest $3 billion into Egypt in 2019.

These financings will be pumped into the wheat and oil sectors at a value of $1.5 billion for each, the CEO of the ITFC told Mubasher.

The corporation has signed five agreements with the Arab world's most populous country since 2008 with over $10 billion in financings to import oil products and derivatives, Hani Sonbol added.

The ITFC has inked a memorandum of understanding (MoU) with General Organization for Export & Import Control to develop trade and reinforce capabilities in the field of international trade.

 

Translated by: Mai Ezz El-Din