Egypt gets a new loan

Egypt signed a $1.5 billion financing deal with the International Islamic Trade Finance Corporation.

The signing took place during a visit to Cairo by Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), both member organizations of the Islamic Development Bank. (ISB) group.

They discussed strengthening cooperation with the public and private sectors of Egypt in 2023 to support and finance energy and food products, as well as empowerment programs for exporters, youth, women, and small and medium-sized enterprises.

Sonbol pointed out that in relation to the Islamic Corporation for the Development of the Private Sector, since its inception, the investment portfolio of the corporation in the Arab Republic of Egypt amounted to about 275 million US dollars and includes, for example, Scatec solar energy financing. company, which included the financing of 6 sub-projects for solar photovoltaic power plants, which are projects that it jointly finances the Fund, the Islamic Development Bank, the European Bank for Reconstruction and Development and the German Development Bank, with a financial contribution of USD 25 million to the Fund, as core funding for six projects, in addition to the Fund’s contribution to Alpha Solar Energy Company funding, with a financial contribution to the Fund of $28 million.5 million.

Last February, the CCP signed a $1.5 billion loan agreement with Egypt to finance imports of petroleum products and basic commodities.

The new funding has been split into $800 million for petroleum products and $700 million for essential goods, and the loan is expected to be activated this year.

Source: money + agencies