Egypt to receive $1.1 billion import support from IFTC
EGYPT’S PETROLEUM and supply ministries have announced that the International Islamic Trade Finance Corporation (ITFC) will provide the country with $1.1 billion in funds during 2020 to help with imports of petroleum products and other basic commodities.
The funds are part of a three-billion-dollar agreement signed between Egypt and ITFC in January 2018. Cairo currently pays around $1.5 billion per annum to support a bread subsidy programme, on which many of the
100 million population depend.
“This agreement is a genuine partnership with the International Islamic Trade Finance Corporation in order to provide more basic goods to citizens,” Supply Minister Ali Mosely said in a statement.