{"id":543749,"date":"2022-02-16T03:58:21","date_gmt":"2022-02-16T03:58:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/egypt-signs-usd-1-5-bn-funding-agreement-for-basic-imports-with-itfc\/"},"modified":"2022-02-16T03:58:21","modified_gmt":"2022-02-16T03:58:21","slug":"egypt-signs-usd-1-5-bn-funding-agreement-for-basic-imports-with-itfc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/egypt-signs-usd-1-5-bn-funding-agreement-for-basic-imports-with-itfc\/","title":{"rendered":"Egypt signs USD 1.5 bn funding agreement for basic imports with ITFC"},"content":{"rendered":"

<\/a> The ITFC is lending us another USD 1.5 bn for petroleum + commodities imports:<\/strong> Egypt has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund imports of petroleum and basic commodities, ITFC CEO Hani Sonbol told Bloomberg Asharq<\/a>. The agreement earmarks USD 800 mn for petroleum, and USD 700 mn for commodities. No details were given on when it would be disbursed.<\/p>\n

We <\/strong>were expecting<\/a><\/strong> the Madbouly government to finalize a financing program with the IITFC in February<\/strong>, but it\u2019s unclear whether this is the same package referred to in the statement. Separately, Sonbol last month<\/a> said the corporation had approved USD 2.6 bn in funding for \u201cdevelopment projects\u201d in Egypt, without giving further details on where the money would be spent, nor when it would be disbursed.<\/p>\n

2021 was \u201ca record year\u201d for ITFC funding to Egypt,<\/strong> Planning Minister Hala El Said said recently. The ITFC provided the General Authority for Supply Commodities (GASC) and the Egyptian General Petroleum Corporation USD 2.3 bn<\/a> in financing last year for the import of basic commodities including wheat, and petroleum products.<\/p>\n","protected":false},"excerpt":{"rendered":"

The ITFC is lending us another USD 1.5 bn for petroleum + commodities imports: Egypt has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund imports of petroleum and basic commodities, ITFC CEO Hani Sonbol told Bloomberg Asharq. The agreement earmarks USD 800 mn for petroleum, […]<\/p>\n","protected":false},"author":1,"featured_media":543750,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7576],"tags":[317,101,72,555,845,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-finance","tag-commodities","tag-development-finance","tag-enterpriseam","tag-hani-sonbol","tag-international-islamic-trade-finance-corporation","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"7289258f-d062-452b-9562-02e9930eb248","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/220.jpg","photo_position":"above","related_issue":[543735],"teaser":"","voice_url":""},"yoast_head":"\nEgypt signs USD 1.5 bn funding agreement for basic imports with ITFC - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/egypt-signs-usd-1-5-bn-funding-agreement-for-basic-imports-with-itfc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt signs USD 1.5 bn funding agreement for basic imports with ITFC\" \/>\n<meta property=\"og:description\" content=\"The ITFC is lending us another USD 1.5 bn for petroleum + commodities imports: Egypt has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund imports of petroleum and basic commodities, ITFC CEO Hani Sonbol told Bloomberg Asharq. 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Sonbol yesterday met with the planning\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/387.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596685,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/04\/itfc-floats-second-trade-financing-agreement-with-egypt-in-2020\/","url_meta":{"origin":543749,"position":1},"title":"ITFC floats second trade financing agreement with Egypt in 2020","author":"enterpriseam admin","date":"4 July 2019","format":false,"excerpt":"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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599373,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/26\/egypt-to-sign-second-tranche-of-trade-financing-agreement-with-itfc-in-july\/","url_meta":{"origin":543749,"position":2},"title":"Egypt to sign second tranche of trade financing agreement with ITFC in July","author":"enterpriseam admin","date":"26 June 2019","format":false,"excerpt":"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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601508,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/03\/egypt-uses-usd-213-mn-from-itfc-to-buy-wheat\/","url_meta":{"origin":543749,"position":3},"title":"Egypt uses USD 213 mn from ITFC to buy wheat","author":"enterpriseam admin","date":"3 March 2019","format":false,"excerpt":"The Supply Ministry secured USD 213 mn in funding from the Islamic Trade Finance Corporation (ITFC) to buy 1.02 mn tonnes of wheat, sufficient till the end of the fiscal year in June, Reuters Arabic Service reported, citing a ministry statement. State grain buyer GASC secured last month USD 1\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604725,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/11\/itfc-to-give-egypt-another-usd-3-bn-for-essential-imports-before-end-2019\/","url_meta":{"origin":543749,"position":4},"title":"ITFC to give Egypt another USD 3 bn for essential imports before end-2019","author":"enterpriseam admin","date":"11 December 2018","format":false,"excerpt":"Egypt lands USD 3 bn to help finance essential imports: The International Islamic Trade Finance Corporation (ITFC) will lend Egypt USD 3 bn before the end of next year to be used for imports of petroleum derivatives and basic commodities, ITFC CEO Hani Sonbol told Al Mal. This is the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627050,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/18\/egypt-to-receive-usd-380-mn-tranche-of-usd-3-bn-loan-from-itfc\/","url_meta":{"origin":543749,"position":5},"title":"Egypt to receive USD 380 mn tranche of USD 3 bn loan from ITFC","author":"enterpriseam admin","date":"18 July 2018","format":false,"excerpt":"Egypt to receive USD 380 mn tranche of USD 3 bn loan from ITFC: The International Islamic Trade Finance Corporation (ITFC) signed off on the disbursal of the first tranche of a USD 3 bn loan agreement signed with Egypt last January, ITFC CEO Hani Sonbol said yesterday, Al Mal\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543749"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543749\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543735"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543750"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543749"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543749"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}