The International Islamic Trade Finance Corporation (ITFC) inked a USD 100 mn (EGP 1.574 billion) financing agreement with the General Authority for Supply Commodities (GASC) to cover Egypt’s essential strategic commodity needs amid the outbreak of the coronavirus (COVID-19) pandemic, Invest-Gate reports.

The amount will be used to buy 240,000 tons of wheat and 100,000 tons of sugar, according to a statement by ITFC on May 4.

Ali Al-Mesilhi, minister of supply and internal trade, affirmed, “Through this agreement, Egypt will meet the necessary and urgent needs in such exceptional circumstances that the Republic and the world as a whole are going through.”

On his part, ITFC CEO Hani Salem Sonbol said, “The financing that has been approved by the ITFC is specifically targeted at supporting the importation of critical basic commodities such as wheat and sugar, which are two staples that the mass population of Egypt depends upon.”

Since 2018, ITFC has been supporting the Northern African country’s efforts through a trade finance facility benefiting the GASC, Egypt’s largest wheat purchaser. The corporation extended USD 393 mn (EGP 6.185 billion) which was utilized in 2019 for the import of 1.3 mn tons of wheat and 130,000 tons of rice.