{"id":600310,"date":"2019-01-27T04:21:50","date_gmt":"2019-01-27T04:21:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/egypts-gasc-secures-usd-1-bn-from-itfc\/"},"modified":"2019-01-27T04:21:50","modified_gmt":"2019-01-27T04:21:50","slug":"egypts-gasc-secures-usd-1-bn-from-itfc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/egypts-gasc-secures-usd-1-bn-from-itfc\/","title":{"rendered":"Egypt\u2019s GASC secures USD 1 bn from ITFC"},"content":{"rendered":"

Egypt\u2019s wheat importer secures USD 1 bn in funding:<\/b> State grain buyer GASC has secured USD 1 bn of a USD 3 bn funding agreement with the Islamic Trade Finance Corporation to fund purchases, a senior government source with direct knowledge of the matter told Reuters on Wednesday<\/a>. \u201cThe loan can be renewed whenever the money runs out so this is GASC turning to on-sight payments from now on,\u201d the source said. \u201cGASC may also renew financing when the initial USD 1 bn tranche is used up so deferred payments for grain will no longer be an issue,\u201d the source added.<\/p>\n

The move is expected to speed GASC\u2019s payments to global traders<\/b> especially in light of a new rule by GASC last Monday<\/a> that would see it using at-sight letters of credit (LCs) for upcoming wheat tenders, assuring payments to suppliers as soon as they submit the necessary documents. The agreement with the ITFC was signed last September<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s wheat importer secures USD 1 bn in funding: State grain buyer GASC has secured USD 1 bn of a USD 3 bn funding agreement with the Islamic Trade Finance Corporation to fund purchases, a senior government source with direct knowledge of the matter told Reuters on Wednesday. \u201cThe loan can be renewed whenever the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[72,550,845,2380,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600310","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-gasc","tag-international-islamic-trade-finance-corporation","tag-speed-round","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"133b347e-20bb-4ed8-bdfd-4d149318e97c","is_powered_by":true,"section_story_id":"6a03f35b-57fb-46bb-bee1-f870adca389a","story_type":"1","photo_url":"","photo_position":"above","related_issue":[600290],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s GASC secures USD 1 bn from 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\/2019\/01\/27\/egypts-gasc-secures-usd-1-bn-from-itfc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s GASC secures USD 1 bn from ITFC\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s wheat importer secures USD 1 bn in funding: State grain buyer GASC has secured USD 1 bn of a USD 3 bn funding agreement with the Islamic Trade Finance Corporation to fund purchases, a senior government source with direct knowledge of the matter told Reuters on Wednesday. \u201cThe loan can be renewed whenever the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/egypts-gasc-secures-usd-1-bn-from-itfc\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-27T04:21:50+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/egypts-gasc-secures-usd-1-bn-from-itfc\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/egypts-gasc-secures-usd-1-bn-from-itfc\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s GASC secures USD 1 bn from ITFC\",\"datePublished\":\"2019-01-27T04:21:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/egypts-gasc-secures-usd-1-bn-from-itfc\/\"},\"wordCount\":164,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"GASC\",\"International Islamic Trade Finance Corporation\",\"SPEED ROUND\",\"wheat\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/egypts-gasc-secures-usd-1-bn-from-itfc\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/egypts-gasc-secures-usd-1-bn-from-itfc\/\",\"name\":\"Egypt\u2019s GASC secures USD 1 bn from ITFC - 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The state grain buyer has been relying on\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":600310,"position":1},"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. 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