Egypt, IITFC sign $1B agreement to import basic commodities

CAIRO - 6 September 2018: The Public Authority of Supply and the International Islamic Trade Finance Corporation (IITFC) signed on Thursday a one-billion-dollar agreement to fund the purchase of subsidized basic commodities.

Investment and Cooperation Minister Sahar Nasr and Supply Minister Ali Meslehi attended the signing ceremony of the deal.

The deal comes as part of activating the three-billion-dollar agreement signed between Egypt and the IITFC, member of the Islamic Development Bank, in January to fund the purchase of basic commodities for 67 million people.

Nasr hoped more deals would be signed with the Islamic Development Bank, saying previous agreements with the bank focused on the purchase of petroleum but this time the ministry was keen to support the Public Authority of Supply.

Meslehi said the deal helps the Public authority of Supply to offer more subsidized basic commodities to citizens and securing more quantities of cooking oil and sugar.

From 1985 to 2007, the Islamic Development Bank approved 9.2-billion-dollar funds to Egypt to boost the import of mainly petroleum products, said CEO of IITFC Hani Sonbel.

From 2008 till 2018, the IITFC boosted Egypt with 7.2 billion dollars to import basic commodities and petroleum products, he added.