ITFC to provide USD 50 mn in loans to Egyptian SMEs in 2020

ITFC to provide USD 50 mn in SME loans in 2020: The Islamic Trade Finance Corporation (ITFC) will channel a USD 50 mn facility through local banks to finance SMEs in January 2020, CEO Hani Sonbol told Masrawy, without revealing which banks the ITFC will be working with. This will be the first time the institution provides funding to Egyptian private sector businesses. Egypt signed two agreement with the ITFC last year to unlock a total of USD 3 bn in financing to purchase foodstuffs and petroleum products. State grain buyer GASC then secured a USD 1 bn tranche in January.