{"id":613536,"date":"2024-01-16T00:00:00","date_gmt":"2024-01-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/16\/this-evening-egypt-to-get-usd-250-mn-sharia-compliant-trade-loan-facility-from-afc-iftc\/"},"modified":"2024-01-16T00:00:00","modified_gmt":"2024-01-16T00:00:00","slug":"this-evening-egypt-to-get-usd-250-mn-sharia-compliant-trade-loan-facility-from-afc-iftc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/16\/this-evening-egypt-to-get-usd-250-mn-sharia-compliant-trade-loan-facility-from-afc-iftc\/","title":{"rendered":"THIS EVENING: Egypt to get USD 250 mn Sharia-compliant trade loan facility from AFC, IFTC"},"content":{"rendered":"

Good afternoon, friends, and happy hump day. <\/strong>We are at the midpoint of what looks like a busy week.<\/p>\n

ICYMI, EnterpriseAM is now also in the UAE: <\/strong>Think of it as the UAE analogue to your morning read in Egypt \u2014 your essential report on business, finance, the economy, and regulation in one of the world\u2019s most vibrant and exciting economies. You can sign up to have the newsletter delivered fresh to your inbox here<\/a>.<\/p>\n

EnterpriseAM UAE is produced in the United Arab Emirates<\/strong> and in Egypt by the same team that brings you EnterpriseAM and EnterprisePM in Egypt as well as our MENA industry reports, Enterprise Climate and Enterprise Logistics. <\/p>\n

** Stay tuned for the launch later this month of EnterpriseAM KSA. <\/strong>You can tap or click here<\/a> if you\u2019d like to be added to our list for launch day.<\/p>\n

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THE BIG STORY TODAY<\/strong><\/p>\n

Fresh funds for food and fuel: <\/strong>Egypt will receive a USD 250 mn shariah-compliant trade loan facility \u2014 a loan specifically targeted towards international trade transactions \u2014 from the Africa Finance Corporation (AFC) and International Islamic Trade Finance Corporation (IFTC) to support Egypt\u2019s food and oil security, the AFC said in a statement<\/a>. <\/p>\n

The beneficiaries:<\/strong> The one-year facility will be split evenly between state-owned Egyptian General Petroleum Corporation (EGPC) and state grain buyer the General Authority for Supply Commodities (GASC) to fund purchases of fuel and petroleum products and commodity imports including wheat, corn, vegetable oils, and sugar, the lender said.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

Picking up where we left off this morning, the results of the Iowa caucus are still topping <\/strong>headlines in the international press this afternoon.<\/strong> Ron DeSantis landed in second place behind former President Donald Trump \u2014 albeit by a very wide margin \u2014 after edging out Nikki Haley. DeSantis earned 21% of the votes, just two percentage points ahead of Haley. Although DeSantis is now in pole position to battle it out with Trump for the Republican Party\u2019s presidential nomination, Haley is still not out of the picture entirely, boasting strong numbers in the next two Republican primary nomination states \u2014 New Hampshire and South Carolina. (Financial Times<\/a> | Associated Press<\/a> | Washington Post<\/a> | Reuters<\/a> | Wall Street Journal<\/a>)<\/p>\n

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** CATCH UP QUICK on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n