{"id":579035,"date":"2023-01-23T03:58:51","date_gmt":"2023-01-23T03:58:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/23\/another-usd-1-5-bn-from-the-itfc-for-energy-and-commodities-imports\/"},"modified":"2023-01-23T03:58:51","modified_gmt":"2023-01-23T03:58:51","slug":"another-usd-1-5-bn-from-the-itfc-for-energy-and-commodities-imports","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/23\/another-usd-1-5-bn-from-the-itfc-for-energy-and-commodities-imports\/","title":{"rendered":"Another USD 1.5 bn from the ITFC for energy and commodities imports"},"content":{"rendered":"

<\/a> More imports money from the ITFC: <\/strong>The government has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund energy and basic commodities imports, according to a tweet by CNBC Arabia<\/a> citing ITFC CEO Hani Sonbol. Sonbol yesterday met with the planning and oil ministers in Cairo<\/a> to sign the agreement, finalizing the organization\u2019s 2023 work plan in Egypt, according to a Planning Ministry statement<\/a>. The story also got coverage in Reuters<\/a>.<\/p>\n

The lender has long helped finance our imports: <\/strong>The fresh finance comes under the ITFC\u2019s 2018 credit agreement with Egypt, which it last year extended to a possible USD 6 bn from USD 3 bn<\/a> and renewed for another five years, Planning Minister Hala El Said said in the statement<\/a>. The agreement is meant to fund the purchase of basic goods and commodities, such as petroleum, wheat, and other subsidized food staples. Last year, the ITFC lent us USD 800 mn for petroleum and USD 700 mn for commodities<\/a> imports, after extending us a \u201crecord\u201d USD 2.3 bn<\/a> in imports financing in 2021. The ITFC\u2019s total financing portfolio with Egypt now stands at some USD 14.5 bn, El Said said.<\/p>\n

Our energy + commodities bill has been on the rise<\/strong>: <\/strong>The government\u2019s subsidy bills<\/a> for fuel and bread<\/a> have surged amid the fallout of the Russia-Ukraine war after price inflation in global markets sent the cost of food and fuel imports soaring.<\/p>\n

FROM IMPORTS TO EXPORTS- The ITFC yesterday launched its USD 350k local export <\/strong>academy<\/strong> in partnership with the Micro, Small and Medium Enterprises Development Agency (MSMEDA) and the Trade and Industry Ministry, according to the ITFC\u2019s website<\/a>. The academy is meant to \u201cboost the capacities of Egyptian entrepreneurs and incorporate their products and services into the global supply chain,\u201d the lender said. It was one of several export-oriented programs<\/a> the ITFC inked with Egypt last summer, as the government aims to boost exports to USD 100 bn annually<\/a> by 2027.<\/p>\n","protected":false},"excerpt":{"rendered":"

More imports money from the ITFC: The government has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund energy and basic commodities imports, according to a tweet by CNBC Arabia citing ITFC CEO Hani Sonbol. Sonbol yesterday met with the planning and oil ministers in Cairo […]<\/p>\n","protected":false},"author":1,"featured_media":579036,"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":[317,7106,101,93,72,727,845,678],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-finance","tag-commodities","tag-debt","tag-development-finance","tag-energy","tag-enterpriseam","tag-hala-el-said","tag-international-islamic-trade-finance-corporation","tag-planning-ministry","wpautop","entry"],"acf":{"mongo_id":"6f9f4041-842c-4a4f-8eb0-a9c6ab17ab0d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/387.jpg","photo_position":"above","related_issue":[579028],"teaser":"","voice_url":""},"yoast_head":"\nAnother USD 1.5 bn from the ITFC for energy and commodities imports - 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\/2023\/01\/23\/another-usd-1-5-bn-from-the-itfc-for-energy-and-commodities-imports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Another USD 1.5 bn from the ITFC for energy and commodities imports\" \/>\n<meta property=\"og:description\" content=\"More imports money from the ITFC: The government has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund energy and basic commodities imports, according to a tweet by CNBC Arabia citing ITFC CEO Hani Sonbol. 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The agreement earmarks\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\/2022\/2\/220.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":579035,"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":579035,"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":543575,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/08\/more-financing-from-itfc-could-be-coming-our-way-in-february\/","url_meta":{"origin":579035,"position":3},"title":"More financing from ITFC could be coming our way in February","author":"enterpriseam admin","date":"8 February 2022","format":false,"excerpt":"The Madbouly government plans to finalize as early as this month a new financing program for 2022 with the International Islamic Trade Finance Corporation (ITFC), the Planning Ministry said yesterday in a statement, adding that part of the funding will go towards supporting micro, small, and medium-sized enterprises. The statement\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\/2022\/2\/96.jpg?fit=%2C&ssl=1&resize=350%2C200","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":579035,"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":546970,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/were-closing-in-on-usd-3-5-bn-from-the-itfc-world-bank-to-help-with-food-and-energy\/","url_meta":{"origin":579035,"position":5},"title":"We\u2019re closing in on USD 3.5 bn from the ITFC + World Bank to help with food and energy","author":"enterpriseam admin","date":"5 June 2022","format":false,"excerpt":"Egypt is finalizing some USD 3.5 bn in fresh financing from multilateral lenders to shore up food and energy security amid ongoing disruptions to global markets. First up: We\u2019re getting that USD 3 bn from the ITFC. The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/131.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579035","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=579035"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579035\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/579028"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/579036"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=579035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=579035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=579035"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=579035"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=579035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}