Egypt will get funding of $1.1 billion from the International Islamic Trade Finance Corporation (ITFC) to finance imports of petroleum and staple products in 2021, Egypt’s petroleum ministry said on Wednesday.
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The funds are part of a $3 billion agreement between Egypt and ITFC signed in January 2018.
The ITFC was “helping to provide basic food commodities, which contributed to strengthening their strategic reserves,” Egyptian Supply Minister Ali Moselhy said during a video conference to sign the $1.1 billion funding agreement, according to the statement.
ITFC told Reuters in July that it is mobilizing additional funds for Egypt’s General Authority for Supply Commodities (GASC), the state grain buyer, in the coming months.
Funding from the ITFC has allowed the GASC to pay for its purchases of key commodities on sight instead of using letters of credit, which guarantee payment within 180 days.
Egypt is the world’s largest wheat buyer.