Egypt pens $1.5bln financing agreement with ITFC

The annual work program aims to provide integrated financing solutions to Egypt

Staff Writer, Arab Finance

January 24, 2023

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Egypt has inked a $1.5 billion annual work program with the International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IsDB) Group, according to a statement by the Egyptian planning ministry on January 22nd.

The annual work program aims to provide integrated financing solutions to Egypt.

The agreement also includes financing imports of energy products and key commodities.

In 2022, Egypt signed the same agreement worth the same amount with the ITFC.

Egyptian Planning Minister Hala El-Said revealed that the financing cooperation portfolio between Egypt and the Saudi Arabia-based corporation amounts to $14.5 billion so far.

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