Investing.com – The Egyptian government secured a new $1.5 billion loan on Sunday, signing a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation.
The new financing was divided into 800 million dollars for petroleum products and 700 million dollars for basic commodities, and it is expected that the loan will be activated this year.
Last February 2022, the International Islamic Trade Finance Corporation signed a $1.5 billion loan agreement to finance imports of petroleum products and basic commodities.-
And last December, Egypt signed a loan with the International Monetary Fund, through which Egypt will obtain $ 3 billion, and Egypt obtained the first installment of the loan in December 2022.--
Dr. Hala Al-Saeed, Minister of Planning and Economic Development, said that the annual work program for 2023, in cooperation with the International Islamic Trade Finance Corporation, provides integrated financing solutions amounting to $1.5 billion in cooperation with the Supply Commodities Authority and the General Petroleum Corporation, which contributes to mitigating the effects of the current global crisis.
Al-Saeed added that the Islamic Development Bank is one of the most important partners in Egypt and there is a strategic partnership. It was renewed last year and the credit limit was raised to $6 billion.
Al-Said explained that the international institution supports the efforts of the state and the Jusoor Foundation to strengthen trade ties and commercial cooperation with African countries, by supporting the ability of Egyptian exports to reach African countries by sending promotional missions to Egyptian exporters in Africa.