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Wednesday, 18 July 2018

Egypt to receive USD 380 mn tranche of USD 3 bn loan from ITFC

Egypt to receive USD 380 mn tranche of USD 3 bn loan from ITFC: The International Islamic Trade Finance Corporation (ITFC) signed off on the disbursal of the first tranche of a USD 3 bn loan agreement signed with Egypt last January, ITFC CEO Hani Sonbol said yesterday, Al Mal reports. Preparations are currently underway to wire the USD 380 mn tranche, which will be used for the purchase of basic goods and commodities, such as petroleum, wheat, and other subsidized food staples. The government is also gearing up to sign two new loan agreements with the ITFC in September for the Export Development Authority and General Authority for Supply Commodities, according to Sonbol, who added that one of the agreements would be worth USD 300 mn.

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