Egypt to get $1.1 bln from ITFC to fund petroleum, food commodity imports in 2021
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.
For all the latest headlines follow our Google News channel online or via the app
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.
Also Read
-
Egypt supply minister expects wheat prices to stabilize
Egypt’s supply minister said on Sunday that export quotas such as the one implemented by Russia drive wheat prices higher but he expects prices to ... Economy -
Egypt aims to raise wheat silo storage capacity in 2017/18
Egypt aims to raise its silo storage capacity for wheat to 3.13 million tons in 2017/18 from 1.528 in 2015/16, a statement from the planning ministry ... Economy -
Egypt’s state grain buyer receives wheat offers after amending terms
Suppliers were holding off on making offers, saying they needed more guarantees Economy -
Egypt approves new minister after wheat scandal
Sheikh held several high profile military positions until he presided over two commissions procuring supplies and logistics for the army Economy
