Presidential decree approves framework deal with ITFC

A presidential decree was issued on Thursday sanctioning a framework agreement between the Egyptian Investment and International Cooperation Ministry and the International Islamic Trade Finance Corporation (ITFC) to fund Egypt's importation of staple commodities.

Under the deal, the ITFC will offer a 3-billion-dollar credit line during the agreement's period.

The agreement will be valid for five years as off the date of putting it into effect.

The deal can be renewed for another five years with the same conditions.

The parliament approved the deal during its session on June 23, 2018.

The decree was published in the gazette on Thursday.

Egypt Today Contribution Time: 10-Jan-2019 13:24 (GMT)
Egypt Today Last Update Time: 10-Jan-2019 13:24 (GMT)