Egypt, ITFC ink $3bn financing deals

 Cairo – Mubasher: The Egyptian General Petroleum Corporation (EGPC) and the General Authority for Supply Commodities (GASC) have signed two agreements with the International Islamic Trade Finance Corporation (ITFC).

The first deal, signed by CEO of ITFC Hani Salem Sonbol and deputy chairman of GASC Ahmed Yousef, amid at supplying goods worth $1 billion in an effort to benefit 67 million citizens, Saudi Gazette reported.

Moreover, ITFC signed the second agreement with CEO of EGPC Abed Ezz El Regal, with a total financing of $2 billion.

In January, the framework agreement was initially signed in order to finance the import of commodities such as petroleum and gas products, wheat, foodstuff and other goods for the benefit of the North African nation in the amount of $3 billion.

It is worth noting that ITFC signed five framework agreements with worth a combined $9.2 billion with the Arab world's most populous country’s government.

ITFC has been bolstering the trade-related programmes of Egypt, including the Aid for Trade Initiative for the Arab States (AfTIAS) Programme and the Arab Africa Trade Bridges (AATB) Programme. 

Mubasher Contribution Time: 09-Sep-2018 08:04 (GMT)
Mubasher Last Update Time: 09-Sep-2018 08:47 (GMT)