Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to finance its trading, including imports of energy products and essential commodities, CNBC Arabia wrote on Twitter.
According to a statement posted on the Planning Ministry’s Facebook account, Egypt’s Planning Minister Hala al-Saeed said at a signing ceremony that the financing cooperation portfolio between Egypt and the corporation had reached $14.5 billion.
As she pointed out, this latest signing falls within a framework agreement that was renewed last year by Egypt and the ITFC, headquartered in Jeddah in Saudi Arabia, for an additional five years with an increase in the credit limit from $3 billion to $6 billion.
With Russia’s war in Ukraine causing its wheat and oil bills to rise, Egypt has recently agreed to a $3 billion IMF loan package to cope with a currency crunch.