Egypt borrows $700M from ITFC to buy grains

Updated 6/11/2023 6:34:00 AM
Egypt borrows $700M from ITFC to buy grains

Arab Finance: Egypt has secured $700 million in financing from the International Islamic Trade Finance Corporation (ITFC) to purchase grains, Asharq Business reported on June 10th, citing Minister of Supply and Internal Trade Ali Moselhy.

The new loan falls within the framework of a financing agreement dating back to 2018 between Egypt and the ITFC, which is affiliated with the Islamic Development Bank.

The agreement was renewed last year for additional five years, with the agreed credit limit doubling from $3 billion to $6 billion.

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