The International Islamic Trade Finance Corporation (IITFC) opened a USD 400 mn credit line for Egypt to buy petroleum products as part of the final tranche of a USD 3 bn financing agreement signed in 2015, CEO Hani Sonbol told Reuters on Thursday. The IITFC will begin implementing a new USD 3 bn financing agreement to fund fuel and other vital commodities, signed last week, in 1H2018, Sonbol said. He expected the corporation’s trade finance portfolio to rise to USD 5-5.5 bn in 2018 from USD 4.9 bn in 2017.

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