Egypt Seeks $1.5 billion Funding From ITFC, CNBC Arabia reports
As per the recent CNBC Arabia reports, Egypt has entered into a financing arrangement with the ITFC (International Islamic Trade Finance Corporation) worth $1.5 billion to raise funds for its trading including imports of energy products & crucial commodities.
Last year, a similar financial arrangement came into effect by Egypt with ITFC worth $1.5 billion, which is headquartered in Jeddah, Saudi Arabia and often provides funds to Egypt’s commodities imports, including grains and petroleum.
Egypt's Planning Minister Hala al-Saeed stated at the signing ceremony in Cairo that the funding collaboration portfolio between Egypt and the organization aggregates $14.5 billion so far, according to a statement made by the Planning ministry. Earlier, ICIEC partnered with Egypt & AATB to support economic development.
She further added that the recent collaboration comes within the framework arrangement executed between Egypt and the ITFC in 2018 which was renewed the previous year for an extended five years, with a modification in the credit limit of the arrangement from $3 to $6 billion.
Egypt recently accepted a $3 billion IMF fund package as it struggles with a currency crisis worsened by Russia’s war in Ukraine, increasing its bills for wheat and oil while facing a disruption in its tourist numbers from both nations. The travel industry is a critical source of hard currency for Egypt.
Other news
-
26.01.2023
Global Economic Growth To Fall to 1.9% In 2023 - UN Forecasts
-
20.01.2023
Lloyds Bank research shows UK SMEs Plan to Attempt Net Zero goals
-
16.01.2023
China’s 2022 Trade With Russia Hits Record $190bn
-
12.01.2023
Broadridge Partners With LiquidX launches InBlock TradeOps
-
09.01.2023
Europe Gears Up LNG Imports As Global Competition For Fuel Grows
-
05.01.2023
Russia-Ukraine War Hits Trade Finance Hard - Says World Bank
-
02.01.2023
Global Economy Is To be Tougher In 2023, Said IMF Chief
-
27.12.2022
Afreximbank Issues $1.5B to Support Trade Finance in the Caribbean
-
24.12.2022
African Development Bank Supports Bank One With $40 Million Trade Finance Package
-
20.12.2022
UK Updates On New Open Banking Entity
Exchange Rates
- 30.01.2023
- Find out more