Egypt

Egypt signs $1.5 billion financing agreement with ITFC, CNBC Arabia reports

Published on : 2023-01-24

Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to fund its trading, including imports of energy products and essential commodities, CNBC Arabia wrote on Twitter, citing the head of the corporation.

Last year Egypt signed a similar agreement also worth $1.5 billion with the ITFC, which is headquartered in Jeddah in Saudi Arabia and often funds Egypt's commodities imports, including grains and petroleum.

Egypt's Planning Minister Hala al-Saeed said at a signing ceremony in Cairo that the financing cooperation portfolio between Egypt and the corporation totals $14.5 billion so far, according to a statement by the Planning Ministry posted on its account on Facebook.

She added that the latest signing comes within the framework agreement concluded between Egypt and the ITFC in 2018 that was renewed last year for an additional five years, with an amendment to the credit limit of the agreement from $3 to $6 billion.

Egypt recently agreed to a $3 billion IMF support package as it faces a currency crunch exacerbated by Russia's war in Ukraine, pushing up its bills for wheat and oil while dealing a blow to its tourist numbers from both nations. Tourism is a key source of hard currency for Egypt.


Related Articles

GUPCO to Invest $588M and Drill 11 Development well During 2023

Chairman of Gulf of Suez Petroleum Company (GUPCO) Salah Abdel Kareem stated that his company has a plan to invest $588 million during the fiscal year (FY) 2023/24 to enhance petroleum production rates to reach 70,000 barrels per day (bbl/d).

Read More

Egypt’s Suez Canal nets $8bn in new annual record

Suez Canal Authority announced Wednesday an all-time annual revenue record, earning $8 billion in transit fees in 2022, as the country balks under a worsening economic crisis.

Read More

Abu Qir Fertilizers’ profits hike to EGP 7.23bn in H1-22/23 unaudited financials

Abu Qir Fertilizers achieved net profits after tax worth EGP 7.23 billion in the first half (H1) of fiscal year (FY) 2022/2023, higher by 125.86% than EGP 3.20 billion during the same period in the previous FY.

Read More
Wintershall Deaneptune LogoSIEnppipetrojetTransGlobe SCHNEIDER-ELECTRIChempleEgypt gasNorthAlmansooriSKY CTS exxonmobilSchlumbergerhttps://www.shell.com/GascoCPC