$3B agreement with ITFC for basic goods provision

CAIRO – 30 January 2018: Minister of Investment and International Cooperation Sahar Nasr signed on Tuesday a $3 billion agreement with the International Islamic Trade Finance Corporation (ITFC) to support the provision of basic goods in Egypt, a statement from the ministry said.

The funds will be used to support the provision of foodstuffs, wheat and petroleum products, Nasr said.

She added that the agreement comes in light of the strategic partnership between Egypt and the ITFC, praising the corporation’s finance programs to Egypt.

She said that the ITFC has provided $6.674 billion in funds to Egypt until 2017, most of which were directed to crude and petroleum derivatives.

ITFC CEO Hani Salem Sonbol said that the agreement comes in light of the corporation’s objectives, which aims at enhancing trade between member states of the Organization of Islamic Cooperation. He added that the ITFC is seeking to actively participate in Egypt’s development.

The ITFC is a member of the Islamic Development Bank (IDB) Group. In November, Sonbol said that the corporation seeks strategic partnership with Egypt in light of its continued support to the group.

The ITFC offers over $8 billion in funds for projects undertaken in Egypt and will continue such support in several fields, he said in statements to state news agency MENA.

The ITFC is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade to improve the economic conditions and livelihood of people across the Islamic world.

Commencing operations in 2008, the corporation has consolidated all trade finance businesses that used to be handled by various windows within the IDB Group, according to ITFC website.