Egyptian Minister of Investment and International Cooperation Dr. Sahar Nasr, Minister of Supply and Internal Trade Ali Moselhi and Minister of Petroleum and Mineral Resources Tarek el-Molla attended on Wednesday the signing of the $1.1 billion agreement with the International Islamic Trade Finance Corporation (ITFC).
The agreement is aimed to provide the funding of Egypt’s imports of petroleum products and basic commodities in 2020, Egypt's petroleum and supply ministries said.
This comes in the framework of agreements signed between Egypt and ITFC worth $ 3 billion.
On his part, Hani Salem Sonbol, CEO of ITFC, said that the agreement aimed to consolidate relations with Egypt, looking forward to enhancing a successful and prosperous partnership over Coming years.
He added that the agreement is a genuine partnership between Egypt and ITFC in order to provide more basic goods to Egyptians.
Last year, acute shortages of foreign currency caused delays in some payments by Egypt's General Authority for Supply Commodities (GASC), which was a signatory to the deal, to global suppliers.
The financing at the time ensured dollars were available for the state buyer to use for payment at some of its international purchasing tenders.
Cairo pays around $1.5 billion annually for grain as part of a bread subsidy program on which many of Egypt's almost 100 million people depend. Egypt is the world's largest wheat importer.
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