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Egypt: International Islamic Trade Finance Corporation to support commodities import with $1.1mln

Wednesday, 04 December 2019 14:51
Egypt: International Islamic Trade Finance Corporation to support commodities import with $1.1mln

(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

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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