Egypt signs $1.5 billion financing agreement with ITFC, CNBC Arabia reports

Jan 22 (Reuters) – Egypt has signed a $1.5 billion financing settlement with the Worldwide Islamic Commerce Finance Company to fund its buying and selling, together with imports of vitality merchandise and important commodities, CNBC Arabia wrote on Twitter, citing the pinnacle of the company.

Final 12 months Egypt signed an analogous settlement additionally price $1.5 billion with the ITFC, which is headquartered in Jeddah in Saudi Arabia and sometimes funds Egypt’s commodities imports, together with grains and petroleum.

Egypt’s Planning Minister Hala al-Saeed stated at a signing ceremony in Cairo that the financing cooperation portfolio between Egypt and the company totals $14.5 billion up to now, in accordance with a press release by the Planning Ministry posted on its account on Fb.

She added that the most recent signing comes inside the framework settlement concluded between Egypt and the ITFC in 2018 that was renewed final 12 months for an extra 5 years, with an modification to the credit score restrict of the settlement from $3 to $6 billion.

Egypt just lately agreed to a $3 billion IMF help bundle because it faces a foreign money crunch exacerbated by Russia’s conflict in Ukraine, pushing up its payments for wheat and oil whereas dealing a blow to its vacationer numbers from each nations. Tourism is a key supply of laborious foreign money for Egypt.

Reporting by Nayera Abdallah; Enhancing by Hugh Lawson

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