Egypt, ITFC sign $1.1bln deal to provide basic commodities 2020

Egypt has signed an agreement with the International Islamic Trade Finance Corporation (ITFC) at a value of $1.1 billion to provide basic commodities and petroleum products to around 64 million citizens in Egypt in 2020.

The deal is part of a framework agreement between the Egyptian Ministry of Investment and International Cooperation and the ITFC at a value of $3 billion.

Attending the signing ceremony were Minister of Investment and International Cooperation Sahar Nasr, Minister of Petroleum Tarek el Molla and Minister of Supply and Domestic Trade Ali el Moselhi.

Nasr said that the corporation is supporting many projects in Egypt. She underlined the importance of its technical support program to trade and commercial institutions in Egypt.

Also, Molla lauded cooperation between his ministry and the international finance institution as an example of successful partnership.

Moselhi said that the agreement is a genuine partnership with the ITFC for providing more basic commodities to the Egyptian citizen.

The CEO of the corporation Hani Salem Sonbol pointed out that the ITFC hopes for a more successful partnership with Egypt in the coming years.

He added that the agreement includes also programs for promoting trade and business for supporting Egyptian exporters through enhancing Arab-African trade.

Source: State Information Service Egypt