Cairo – Mubasher: The International Islamic Trade Finance Corporation (ITFC) has provided about $9.6 billion in funding to Egypt from 2008 until June 2020, the country’s minister of planning and economic development Hala El-Saeed said.

The beneficiaries include the Egyptian General Petroleum Corporation (EGPC), other public-sector entities, Social Fund for Development, and three private-sector companies, El-Saeed added in a statement on Tuesday.

The ITFC has financed $1.1 billion Murabaha deals, including $600 million to the EGPC and $500 million to the General Authority for Supply Commodities (GASC).

The funding was part of two framework agreements signed on 6 September 2018 between Egypt and ITFC to finance the country’s basic commodities.

Moreover, the ITFC has allocated $300 million under its rapid response initiative (RRI) to cover the needs of countries in the face of the coronavirus (COVID-19) crisis and an additional $550 million under its recovery response program (RRP), ITFC’s CEO Hani Sonbol said.