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Egypt Gets another USD 1.1bn Loan for Imports of Petroleum Products and Basic Commodity Purchases fr

14/01/2021

Egypt is getting another USD 1.1bn loan for imports of petroleum products and basic commodity purchases from the International Islamic Trade Finance Corporation (IFTC) after the two sides signed an agreement yesterday. In addition to financing imports, the money will be used to digitize exporting industries such as cotton and improve value chains, with an emphasis on private sector inclusion. The facility will also be used to support female entrepreneurs with the help of the SheTrades program. The new funds come as part of a larger five-year USD 3bn cooperation agreement signed in 2018 to support commodity and fuel purchases, SME growth, and institutional development. (Planning Ministry Statement, Enterprise)

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