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Egypt to ink $1.5bn second tranche deal with ITFC in July

Egypt to ink $1.5bn second tranche deal with ITFC in July
The deal will finance imports of petroleum derivatives and basic commodities

Cairo – Mubasher: Egyptian General Petroleum Corporation (EGPC) and General Authority for Supply Commodities (GASC) are likely to sign contracts to receive the $1.5 billion second tranche from the International Islamic Trade Finance Corporation (ITFC) in July, Enterprise reported. 

ITFC has agreed to provide Egypt with $3 billion to finance trade in 2019, ITFC's CEO Hany Sonbol told Enterprise.

Egypt has already received the first tranche amounting to $1.5 billion to finance imports of petroleum derivatives and basic commodities.

Early in 2018, Egypt’s investment minister Sahar Nasr signed a $3 billion funding deal with the ITFC to finance the North African nation’s commodity imports.