ITFC pledges $100M aid to ease coronavirus ramifications

CAIRO - 4 May 2020: The International Islamic trade Finance Corporation (ITFC) sealed a financial agreement worth $100 million with the General Authority for Supply Commodities (GASC) to ease untoward impact of the COVID 19.

In a statement issued Monday, the ITFC said the agreement would ramp up GASIC's ability in dealing with the current economic situation amid the outbreak of the novel coronavirus pandemic.

The package would also enable the authority in meeting basic commodities needs, the statement added.

On his part, Minister of Supply and Internal Trade Ali el-Moslhi hailed the corporation's support in this reagrd, according to the statement.

ITFC Chairman Hani Salem Sonbol pointed out that the financial offer is meant to support exporting basic products citing wheat and sugar, being Egypt's two main strategic commodities, the statement said.