Egypt Signs $3 Bln Agreement with International Islamic Trade Finance CorporationSource: www.export-egypt.com 1/30/2018, Location: Africa |
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 Investment and International Cooperation Minister Sahar Nasr signed a $3 billion agreement with International Islamic Trade Finance Corporation (IITFC) CEO Hani Salem Sonbol to fund the import of basic commodities including oil, petroleum products and wheat, the ministry announced in a statement .
The IITFC provided $6.97 billion to Egypt by 2017, mainly to fund the purchase of crude and petroleum products by the Egyptian General Petroleum Company. The corporation is an autonomous entity within the Islamic Development Bank Group. Egypt is the world's largest importer of wheat. Egypt's imports in the financial year ending on 30 June reached 5.58 million tonnes, up from 4.4 million the previous year The Supply Ministry said last July that it aims to cut wheat imports by up to 10 percent through flour subsidy reforms. Egypt's petroleum imports in FY 2016/17 recorded $11.2 billion, up from $9.3 billion, according to the Cenral Bank's Balance of Payments report for fiscal year 2016/17. |
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