The International Islamic Trade Finance Corporation (ITFC) celebrated on July 1 the successful provision of trade financing worth USD 1.13 bn to Egypt, Invest-Gate reports.
The announcement came in the presence of Minister of Investment and International Cooperation Sahar Nasr, Minister of Petroleum and Mineral Resources Tarek El Molla, and Minister of Supply and Internal Trade Ali Meselhy, alongside other high-profile officials and businessmen, according to a recent press release, emphasizing that the trade financing package is supported by two essential sectors, namely energy and food.
Held at Nile Ritz-Carlton Hotel, Cairo, the event marked the completion of the financing under the fifth framework agreement signed in 2018, in favor of the Egyptian General Petroleum Corporation (EGPC) and the General Authority for Supply Commodities (GASC).
Commenting on the announcement, CEO of ITFC Hani Salem Sonbol stated, “As ITFC, we are thrilled to celebrate with all partners this new milestone in our long-term and strategic relationship with the Egyptian government.”
ITFC has so far signed five framework agreements with the Egyptian government, amounting to USD 9.2 bn, Sonbol noted, underscoring, “We look forward to continuing to play a leading role in supporting the country’s trade finance needs and development objectives under the aspirations of building strategic partnerships.”