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Tuesday, September 11, 2018
The International Islamic Trade Finance Corporation (ITFC) signed two new agreements in Egypt. The first agreement is with state-run oil and gas firm, EGPC. And the second agreement was signed with the General Authority for Supply Commodities (GASC) initiating the utilization of the 5th Framework agreement.
The $3 billion Framework Agreement initially signed in late-January, was aimed at financing the importation of commodities such as petroleum, petroleum products, gas, wheat, foodstuff and other goods for the benefit of Egypt.
The agreement with EGPC was signed by Abed Ezz El Regal, CEO of the company, and provides for total financing in the amount of $2 billion. The signing took place in the presence of Tarek El Molla, Minister of Petroleum & Mineral Resources.
The first Master Murabaha agreement was signed by Hani Salem Sonbol, CEO of ITFC and Ahmed Yousef, Deputy Chairman of the Commodity Supply Authority to support the provision of goods supplies worth $1 billion dollars. The signing was witnessed by Dr. Aly Meselhy Minister of Supply and Internal Trade and Dr. Sahar Nasr, Minister of Investment and International Cooperation, Dr. Sahar Nasr, in the Ministry of Investment and International Cooperation.
Commenting on the announcement, Sonbol said, “Here at ITFC, we recognize the immense strategic importance this agreement holds for our relationship with the government and people of the Arab Republic of Egypt. The benefits for economic development, social welfare development and intra-trade development cannot be understated. We look forward to years of continued partnership.”
To date, ITFC has signed five framework agreements with the Government of Egypt represented by the Ministry of Investment & International Cooperation totaling $9.2 billion. The agreement is indicative of strong ongoing links between the Islamic Development Bank (IsDB), the parent group of ITFC, and Egypt. Since its inception in 2008 and through August of this year, the ITFC has approved about $7.274 billion to finance the importation of crude oil and petroleum products in addition to food commodities and other products.
ITFC has also been supporting Egypt through its trade-related programs including the Aid for Trade Initiative for the Arab States (AfTIAS) Program and the Arab Africa Trade Bridges (AATB) Program.
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