{"id":624418,"date":"2018-09-09T04:11:21","date_gmt":"2018-09-09T04:11:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/egypt-signs-agreement-to-unlock-usd-3-bn-of-financing-from-itfc-for-essential-commodities\/"},"modified":"2018-09-09T04:11:21","modified_gmt":"2018-09-09T04:11:21","slug":"egypt-signs-agreement-to-unlock-usd-3-bn-of-financing-from-itfc-for-essential-commodities","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/egypt-signs-agreement-to-unlock-usd-3-bn-of-financing-from-itfc-for-essential-commodities\/","title":{"rendered":"Egypt signs agreement to unlock USD 3 bn of financing from ITFC for essential commodities"},"content":{"rendered":"<p><strong>Egypt signs agreement to unlock USD 3 bn of financing from Islamic Trade Finance Corp. for essential commodities:<\/strong> Egypt signed on Thursday two agreements to unlock a total of USD 3 bn in financing from the International Islamic Trade Finance Corporation, a subsidiary of the Islamic Development Bank. The financing includes USD 1 bn to finance the purchase of basic goods and foodstuffs, according to an <a href=\"https:\/\/ent.news\/2018\/9\/1596.pdf\">Investment Ministry statement (pdf)<\/a>, and another USD 2 bn tranche for the purchase of petroleum and other energy commodities, <a href=\"https:\/\/ent.news\/2018\/9\/2416.pdf\">the ministry said (pdf)<\/a>. The USD 1 bn tranche is expected to support the purchase of food commodities for some 67 mn citizens. Egypt and the ITFC had reached a provisional agreement on the funding <a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/31\/investment-ministry-and-itfc-sign-usd-3-bn-agreement-for-essential-commodities\/\">back in January<\/a>. To date, the ITFC has provided a total USD 9.2 bn in financing to Egypt over the years, according to the ministry statement, which <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL5N1VS4NS\">Reuters notes<\/a> does not include details on the financing terms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt signs agreement to unlock USD 3 bn of financing from Islamic Trade Finance Corp. for essential commodities: Egypt signed on Thursday two agreements to unlock a total of USD 3 bn in financing from the International Islamic Trade Finance Corporation, a subsidiary of the Islamic Development Bank. The financing includes USD 1 bn to [&hellip;]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624418","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"09a9bea4-34e4-46e0-97ca-81b3f1ce66a2","order":"0","is_powered_by":true,"section_story_id":"bead160b-52a9-498b-b21e-a39ec7c49de3","story_type":"1","photo_url":"","photo_position":"above","related_issue":[624410],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt signs agreement to unlock USD 3 bn of financing from ITFC for essential commodities - 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\/2018\/09\/09\/egypt-signs-agreement-to-unlock-usd-3-bn-of-financing-from-itfc-for-essential-commodities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt signs agreement to unlock USD 3 bn of financing from ITFC for essential commodities\" \/>\n<meta property=\"og:description\" content=\"Egypt signs agreement to unlock USD 3 bn of financing from Islamic Trade Finance Corp. for essential commodities: Egypt signed on Thursday two agreements to unlock a total of USD 3 bn in financing from the International Islamic Trade Finance Corporation, a subsidiary of the Islamic Development Bank. 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The funding will be used to finance the purchase of basic goods and commodities, such as petroleum,\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":596685,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/04\/itfc-floats-second-trade-financing-agreement-with-egypt-in-2020\/","url_meta":{"origin":624418,"position":2},"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 &quot;Speed Round&quot;","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":543749,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/egypt-signs-usd-1-5-bn-funding-agreement-for-basic-imports-with-itfc\/","url_meta":{"origin":624418,"position":3},"title":"Egypt signs USD 1.5 bn funding agreement for basic imports with ITFC","author":"enterpriseam admin","date":"16 February 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Development finance&quot;","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":579035,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/23\/another-usd-1-5-bn-from-the-itfc-for-energy-and-commodities-imports\/","url_meta":{"origin":624418,"position":4},"title":"Another USD 1.5 bn from the ITFC for energy and commodities imports","author":"enterpriseam admin","date":"23 January 2023","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Development finance&quot;","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":597254,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/21\/itfc-to-provide-usd-50-mn-in-loans-to-egyptian-smes-in-2020\/","url_meta":{"origin":624418,"position":5},"title":"ITFC to provide USD 50 mn in loans to Egyptian SMEs in 2020","author":"enterpriseam admin","date":"21 July 2019","format":false,"excerpt":"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. 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