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.