International Islamic Trade Finance Corporation (ITFC), subsidiary of the Islamic Development Bank (IDB), has signed a financing agreement of $3 billion with Egypt.

This will be used to fund the import of basic commodities import such as oil and gas products and foodstuffs the country highly relies on, Sahar Nasr, the country’s minister of investment, said in a statement.

“The agreement is at the core of our duties which is to contribute to the supply of essential commodities to the Egyptian economy,” said Hani Salem Sonbol (picture), ITFC’s CEO.

Details about conditions of this financing have not been given. It was not also specified whether the funding will be canalized via local banks or more direct support mechanisms from ITFC.