Home Business Islamic Trade Finance provides $ 3 billion in new financing for Egypt

Islamic Trade Finance provides $ 3 billion in new financing for Egypt


International Islamic Trade Finance Corporation CEO Hani Sonbol announced that the Corporation has begun to extend and extend a $ 3 billion credit line to Egypt to finance food and energy imports and is ready to provide more support. in future.

Sonbol said in an interview in Cairo yesterday, Thursday, that with the rise in grain prices due to the Russian invasion of Ukraine, the volume of what Egypt spends on food security is expected to increase to match what it spends on food security. ‘power.

The International Islamic Trade Finance Corporation, headquartered in Arabia has provided approximately $ 14 billion to Egypt under five framework agreements since 2008.

This month it signed an extension to the latest deal and doubled its value to $ 6 billion.

The increase in the prices of materials prime globally in recent months and the flight of billions from portfolio investments have increased financial pressures on Egypt, one of the world’s largest wheat importers.

Speaking on the sidelines of a banking conference, Sonbol added: “We already have a huge list of upcoming requests and it looks like we will receive many requests throughout the rest of the year and into 2023 as well.”

He explained that among those requests, he is still at the studio from the Foundation a request for funding for food supplies from Tunisia.

He stressed that the Foundation is also preparing a program to be launched questyear to help the former Soviet republics of the Commonwealth of Independent States to cope with economic difficulties, without going into details.

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