(Ecofin Agency) - Egypt will benefit from $1.1 million granted by the International Islamic Trade Finance Corporation (ITFC) to finance imports of oil products and commodities next year.

According to the petroleum and supply ministries, the financing is part of a $3 billion deal signed in January 2018 between Egypt and ITFC to finance the import of basic commodities such as oil and its byproducts, gas, wheat, food and other goods.

Last year, acute shortages of foreign currency caused delays in some payments by the General Authority for Supply Commodities (GASC) to its international suppliers. The agreement signed with the ITFC should now guarantee GASC the availability of funds to finance its imports.

As a reminder, Egypt spends about $1.5 billion a year to import cereals as part of a bread subsidy program; a product widely consumed across the country.

Moutiou Adjibi Nourou