Islamic Bank opens a loan for Egypt for import of oil, petroleum products, wheat and food
Baku, Fineko/abc.az. The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB), has signed with the Egyptian government a framework agreement on cooperation.
Under the agreement, Egyptian General Petroleum Corporation (EGPC) and the General Authority of Supply Commodities (GASC) will receive $400 million a year for the next three years.
The allocated amount will be utilized to finance the import of oil and petroleum products, in addition to the import of strategic commodities namely wheat and foodstuffs. Overall financing for Egypt by the ITFC will total $1.6 billion due to the agreement.
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