Central Bank of Egypt governor stresses need for boosting domestic production to curb inflation    Egypt's Abdalla highlights domestic production, inflation control at Arab banks meeting    Egypt's PM says Gaza war dominating political scene, vows to continue economic reform    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Finance Ministry presents three new investor facilitation packages to PM to boost investment climate    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Madrid trade talks focus on TikTok as US and China seek agreement    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt signs agreement with ITFC to fund commodities imports worth $1.1bn in 2020
The funds are within the $3bn agreement framework between Egypt and ITFC that was signed in January 2018.
Daily News Egypt Published in Daily News Egypt on 05 - 12 - 2019

The International Islamic Trade Finance Corporation (ITFC) signed an agreement with Egypt on Wednesday, through which Egypt will receive $1.1bn to help the country with imports of petroleum products and basic commodities in 2020, according to Egypt's Petroleum, Investment and International Cooperation and Supply and Internal Trade ministries.
The funds are within the $3bn agreement framework between Egypt and ITFC that was signed in January 2018.
Commenting on the agreement, Supply and Internal Trade Minister Ali Moselhy praised this partnership, describing it as a genuine move from the ITFC to provide more basic commodities to citizens.
Egypt's Minister of Investment and International Cooperation Sahar Nasr pointed out to that this agreement is a priority for the government to provide basic commodities to about 64 million.
She stressed the strategic relationship between Egypt and the ITFC, pointing out that it has been continuously present with Egypt in various projects.
Moreover, Egypt's Petroleum Minister Tarek El-Molla stated that he looks forward to continuing
the successful cooperation between the two sides for the coming years, and to further expand its cooperation, development, and diversify its fields.
In response, ITFC's CEO Hani Salem Sonbol, stated that the ITFC recognizes the tremendous strategic importance of this agreement, which will strengthen the ITFC's relationship with both
the government and the Egyptian people.
"This agreement focuses not only on financing, but also on trade and business development programmes that will support Egyptian exporters through the Arab-African trade bridges programme in cooperation with Egyptian authorities, especially the Export Development Authority. In addition to that, the agreement will also support the "Better Cotton Initiative," which was implemented by the U.N. Industrial Development Organisation," he explained.
"We are looking forward to a successful and prosperous partnership over the coming years," he assured.

Clic here to read the story from its source.