The International Islamic Trade Finance Corporation (ITFC) could triple the funding it gives Egypt for food commodities, Supply Minister Aly El Moselhy has claimed. The lender has agreed in principle to raise the funding it gives to the General Authority for Supply Commodities (GASC) from USD 400 mn to USD 1.3 bn, provided the money only be spent on basic commodities such as wheat, oil and sugar, he told Al Mal. The ITFC has not commented publicly on the suggestion.

It’s not clear from the article whether the minister is referring to an extension of the current USD 1.1 bn loan agreed in January for the 2021 calendar year, or whether he is talking about negotiating a future loan.

Jordan will not allow first-time GCC work visa holders to transit through the country for two weeks in a decision that will potentially affect thousands of Egyptian workers transiting through Jordan to work in KSA. The Manpower Ministry said yesterday that the Jordanian tourism ministry decided to introduce the restrictions after “chaos and confusion” caused by travel agents who failed to ensure appropriate accommodation for travelers or to confirm that they had left Jordan on their scheduled dates of departure. Jordan is currently considered the most affordable transit point for travelers to Saudi Arabia and is used by Egyptian workers with Saudi residence permits, who quarantine in Jordan before continuing on to Saudi Arabia.

Other things we’re keeping an eye on this morning:

• Housing and Development Bank will more than triple its issued capital to EGP 5.31 bn from EGP 1.52 bn using reserves and retained earnings from the previous year, after receiving regulatory approval, it said in a bourse filing (pdf).
• Real estate developer Master Group has signed an EGP 600 mn contract with contracting firm Kenaaz to implement the second phase of its The City project in the new administrative capital, Hapi Journal reports, citing a company statement.