Egypt signs an agreement of $1.5 billion with the International Islamic Trade Finance Corporation

Egypt signs an agreement of $1.5 billion with the International Islamic Trade Finance Corporation
Egypt signs an agreement of $1.5 billion with the International Islamic Trade Finance Corporation
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© Reuters.

CAIRO (Reuters) – CNBC Arabia said, quoting the CEO of the International Islamic Trade Finance Corporation, that it signed an agreement with the corporation worth 1.5 billion, which includes financing the purchase of basic commodities and energy products.

Egypt signed a similar deal last year worth $1.5 billion with the Jeddah-based corporation, which often finances Egypt’s imports of commodities that include grain and petroleum.

And the account of the Egyptian Ministry of Planning on Facebook (NASDAQ:) quoted Minister Hala Al-Saeed as saying that the portfolio of financing cooperation between Egypt and the Foundation has reached $14.5 billion so far.

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Al-Saeed confirmed that the signing on Sunday comes in light of the framework agreement concluded by the two parties in 2018, and it was renewed last year for an additional five years, with the credit limit raised from three to six billion dollars.

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Egypt recently agreed with the International Monetary Fund on a $3 billion financing program to face a worsening currency crisis caused by the Russian-Ukrainian war.

The war raised wheat and fuel purchase bills, and affected the tourism sector, the main source of hard currency, which relied to a large extent on Russian and Ukrainian tourists.

(Covering by Naira Abdullah – Prepared by Moaz Abdel Aziz for the Arabic Bulletin)

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