Egypt gets $250mln from AFC, ITFC to finance commodity imports

Reuters Images/Mohamed Abd El Ghany

The one-year, Sharia-compliant facility will be split evenly between two state-owned bodies

Patrick Werr, Reuters News

January 16, 2024

PHOTO

Africa Finance Corporation (AFC) and the Islamic Trade Finance Corporation (ITFC) will provide a $250 million loan facility to Egypt to finance the import of petroleum products and agricultural commodities, the AFC said on Tuesday.

The one-year, Sharia-compliant facility will be split evenly between two state-owned bodies, the Egyptian General Petroleum Corporation and the General Authority for Supply Commodities.

The financing will help Egypt import commodities such as fuel and petroleum products and wheat, corn, vegetable oils and sugar, the AFC said in a statement.

The ITFC is a member of the Islamic Development Bank Group.

(Reporting by Patrick Werr Editing by Bernadette Baum)

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