Investment Ministry and ITFC sign USD 3 bn agreement for essential commodities

Egypt to receive USD 3 bn from ITFC: Investment Minister Sahar Nasr has secured USD 3 bn in finance from the International Islamic Trade Finance Corp (ITFC), according to a ministry statement (pdf). The funding will be used to finance the purchase of basic goods and commodities, such as petroleum, wheat, and other subsidized food staples. The ITFC had extended a total USD 6.974 in financing to Egypt over the years by the end of 2017, most of which had been used to support oil refining and processing, Nasr said, according to a ministry statement (pdf). “The statement did not provide details on what form the financing would take or the terms,” Reuters notes.