Cairo - Mubasher: Egypt has received a total funding of $12.5 billion from the International Islamic Trade Finance Corporation (ITFC), an organisation affiliated with the Islamic Development Bank (IsDB), to finance the import of petroleum and food products and other commodities since 2008, the Minister of Planning and Economic Development, Hala El-Saaed, revealed.
Despite the repercussions of the coronavirus (COVID-19) pandemic, the ITFC provided Egypt with the required funding during 2020 within the two framework agreements signed on 6 September 2018 to finance the supply of strategic commodities, El-Saeed added in a statement on Thursday.
The $1.1 billion 2021 financing programme, signed in January, includes the provision of $700 million to the Egyptian General Petroleum Corporation (EGPC) and $400 million to the General Authority for Supply Commodities (GASC).
