Egypt Seeks $1.5 Billion Funding From ITFC, CNBC Arabia Reports
As per the recent CNBC Arabia reports, Egypt has entered into a financing arrangement with the ITFC (International Islamic Trade Finance Corporation) worth $1.5 billion to raise funds for its trading including imports of energy products & crucial commodities.
Last year, a similar financial arrangement came into effect by Egypt with ITFC worth $1.5 billion, which is headquartered in Jeddah, Saudi Arabia and often provides funds to Egypt’s commodities imports, including grains and petroleum.
Egypt’s Planning Minister Hala al-Saeed stated at the signing ceremony in Cairo that the funding collaboration portfolio between Egypt and the organization aggregates $14.5 billion so far, according to a statement made by the Planning ministry. Earlier, ICIEC partnered with Egypt & AATB to support economic development.
