Egypt signs $1.1bn agreement with International Islamic Trade Finance Corporation

A worker gesturing for cars to move as others fill up a at a petrol station in Cairo, Egypt on June 29, 2017 [KHALED DESOUKI/Getty Images]

Egypt has signed an agreement with the International Islamic Trade Finance Corporation (ITFC) to finance the country’s petroleum imports, the Egyptian Ministry of Petroleum announced on Tuesday.

“The loan agreement is valued at $1.1 billion,” the ministry confirmed in an official statement, adding that the fund was allocated: “To fund the country’s petroleum and basic goods imports for 2021.”

The ministry pointed out that the deal was part of a $3 billion agreement that was signed between Egypt’s Ministry of Investment and the ITFC in January 2018.

Accordion to local media, the agreement was signed in a virtual meeting that was attended by ITFC CEO Hani Sonbol, Vice President of the Egyptian General Petroleum Corporation (EGPC) Ashraf Abdullah, Vice Chairman of the state-run General Authority for Supply Commodities (GASC) Ahmed El-Said, Egyptian Minister of Planning Hala El-Said and the Egyptian Petroleum Minister Tarek El-Molla.

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