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Egypt inks deal to secure $1.1bn from ITFC

Egypt inks deal to secure $1.1bn from ITFC
Egypt's current portfolio with the ITFC has reached $11.2 billion.

Cairo – Mubasher: Egypt signed an agreement with the International Islamic Trade Finance Corporation (ITFC) to obtain a funding package of $1.1 billion to finance the purchase of basic commodities and petroleum products.

The funding is aimed at facilitating trade, building capacities, providing corporate support, and improving competitiveness of the external trade sectors, the Minister of Planning and Economic Development, Hala El-Saeed, said in a statement on Wednesday.

The programme also includes digitalising exporting operations and improving value chains of the cotton sector in collaboration with the United Nations Industrial Development Organisation (UNIDO).

In addition, the funding will also support women entrepreneurship through the ITFC’s SheTrades programme.

The facility is part of a five-year cooperation agreement worth $3 billion signed in 2018 with the ITFC to finance the purchase of basic commodities and petroleum products as well as improving internal value chains, driving the growth of small- and medium-sized enterprises (SMEs), and developing trade.

Egypt's current portfolio with the ITFC has reached $11.2 billion.