One Billion Loan Agreement From ITFC

Prime Minister Kamal al-Ganzouri witnessed on 1/7/2012, the signing of one billion-dollar agreement with the International Islamic Trade Finance Corporation (ITFC) to help Egypt buy petroleum products and basic commodities.

The agreement was signed by Planning and International Cooperation Minister Fayza Abul-Naga and the CEO of ITFC Waleed Abdel-Mohsen el-Waheib.

Finance Minister Momtaz el-Saeid and Petroleum Minister Abdullah Ghorab along with the ITFC's representatives attended the signing ceremony.

The loan will be available to the General Authority for Supply Commodities and the General Petroleum Authority.

The ITFC, which is a subsidiary of the Jeddah-based Islamic Development Bank, is keen on supporting the Egyptian economy via providing Islamic funds aim to provide strategic commodities, like wheat and petrol, said Waheib.

The loan is part of the support program of the Islamic development package which valued at $2.5 billion to support Egypt. This loan brings to almost $3 billion the financial support Egypt has received from ITFC So far.



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    German-Arab Chamber of Industry and Commerce
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    British Egyptian Business Association
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    French Chamber of Commerce in Egypt
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    Delegation of the European Union to Egypt
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    Italian Chamber of Commerce in Egypt