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Thursday, 14 January 2021

Oil imports, trade + SME development get USD 1.1 bn shot in the arm

Egypt is getting another USD 1.1 bn loan for imports of petroleum products and basic commodity purchases from the International Islamic Trade Finance Corporation (IFTC) after the two sides signed an agreement yesterday, according to a Planning Ministry statement. In addition to financing imports, the money will be used to digitize exporting industries such as cotton and improve value chains, with an emphasis on private sector inclusion. The facility will also be used to support female entrepreneurs with the help of the SheTrades program.

The new funds come as part of a larger five-year USD 3 bn cooperation agreement signed in 2018 to support commodity and fuel purchases, SME growth, and institutional development. The IFTC’s financing portfolio in Egypt has so far reached some USD 11.2 bn. Reuters also picked up the story.

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