Africa Outlook

Egypt to receive $1.1 billion import support from IFTC

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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.

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