Egypt secures $1blnin financing from ITFC in 2023

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Egypt - The International Islamic Trade Finance Corporation (ITFC) has financed the Egyptian government with around $1 billion since the beginning of 2023, $700 million of which were directed toward supply commodities, ITFC’s CEO Hani Sonbol said in an interview with Asharq Business on July 4th.

On June 10th, Minister of Supply and Internal Trade Ali Moselhy said that Egypt secured $700 million in financing from the ITFC to purchase grains.

Sonbol noted that the corporation is currently probing cooperation with the Egyptian government in the field of the Islamic sukuk, especially those directed to mega projects.

Moreover, he added that the Islamic Cooperation for the Development of the Private Sector (ICD) is collaborating with Banque Misr, Al Baraka Bank Egypt, and Faisal Islamic Bank of Egypt to launch new credit lines to facilitate financing for small and medium-sized enterprises (SMEs).