12 March 2012

Egypt: Abul-Naga - ITFC Offers $400 Million to Support Economy

Minister of Planning and International Cooperation Fayza Abul-Naga has said a framework agreement, under which the International Islamic Trade Finance Corporation (ITFC) offered 400 million dollars to the Egyptian General Petroleum Authority and the General Authority for Supply Commodities. The agreement comes as part of the current government's keenness on providing wheat and oil, as two strategic commodities.

The corporation is affiliated with the Islamic Development Bank Group.

The minister said the three-year agreement calls for importing oil and its derivatives, wheat and foodstuffs.

On his part, the Prime Minister Dr. Kamal Ganzoury expressed his appreciation to the role of the Islamic Development Bank Group and Trade Finance Corporation for supporting the Egyptian economy during the current period.

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