Egypt signs agreement to unlock USD 3 bn of financing from ITFC for essential commodities
Egypt signs agreement to unlock USD 3 bn of financing from Islamic Trade Finance Corp. for essential commodities: Egypt signed on Thursday two agreements to unlock a total of USD 3 bn in financing from the International Islamic Trade Finance Corporation, a subsidiary of the Islamic Development Bank. The financing includes USD 1 bn to finance the purchase of basic goods and foodstuffs, according to an Investment Ministry statement (pdf), and another USD 2 bn tranche for the purchase of petroleum and other energy commodities, the ministry said (pdf). The USD 1 bn tranche is expected to support the purchase of food commodities for some 67 mn citizens. Egypt and the ITFC had reached a provisional agreement on the funding back in January. To date, the ITFC has provided a total USD 9.2 bn in financing to Egypt over the years, according to the ministry statement, which Reuters notes does not include details on the financing terms.