ITFC floats second trade financing agreement with Egypt in 2020

ITFC floats USD 3 bn trade financing agreement with Egypt in 2020: The International Islamic Trade Finance Corporation (ITFC) expects to reach a new trade financing agreement with Egypt worth USD 3 bn in 2020, CEO Hany Sonbol said, according to Al Mal. Sonbol told us last week that the IFTC and Egypt will sign the second USD 1.5 bn tranche of a previous USD 3 bn trade financing agreement in July. The funds are used to finance imports of petroleum products and basic commodities.