Egypt to sign second tranche of trade financing agreement with ITFC in July

EXCLUSIVE- Egypt to sign second USD 1.5 bn tranche of trade financing agreement with ITFC in July: The Egyptian General Petroleum Corporation (EGPC) and General Authority for Supply Commodities (GASC) are expected to sign contracts for the USD 1.5 bn second tranche of a USD 3 bn trade finance facility with the International Islamic Trade Finance Corporation (ITFC) in July, ITFC CEO Hany Sonbol told Enterprise on the sidelines of the Afreximbank annual meetings in Moscow. The ITFC has pledged USD 3 bn in trade finance this year, half of which Egypt has already received. The funds are used for imports of petroleum derivatives and basic commodities.