Egypt Signs 1.5 Billion Dollar Loan Deal with ITFC
The International Islamic Trade Finance Corporation signed a 1.5 billion dollar agreement with Egypt to fund essential commodity and petroleum imports. This financing supports the country as it navigates economic pressures from regional conflict and manages its ongoing IMF reform program.
Egypt signed a $1.5 billion loan agreement with the International Islamic Trade Finance Corporation (ITFC) on Wednesday to secure food and energy supplies. The funding allocates $700 million to the General Authority for Supply Commodities (GASC) and $800 million to the Egyptian General Petroleum Corporation. This capital injection is vital as the North African nation manages fiscal pressure from regional conflict and a fragile $8 billion IMF reform program.
### Securing Essential Commodities Planning Minister Ahmed Rostom said the $1.5 billion facility targets immediate stability for the country's subsidy and energy frameworks. GASC will use its $700 million portion to manage imports, particularly for wheat, where Egypt remains one of the world's largest buyers. The petroleum sector's $800 million share will address energy needs and help settle arrears with foreign oil companies by the end of June.
