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Egypt signs $1.1bn agreement with International Islamic Trade Finance Corporation


January 14, 2021 at 7:00 am | Published in: Africa, Egypt, News
A worker gesturing for cars to move as others fill up a at a petrol station in Cairo, Egypt on June 29, 2017 [KHALED DESOUKI/Getty Images]
January 14, 2021 at 7:00 am
Egypt has signed an agreement with the International Islamic Trade Finance Corporation (ITFC) to finance the country s petroleum imports, the Egyptian Ministry of Petroleum announced on Tuesday.
The loan agreement is valued at $1.1 billion, the ministry confirmed in an official statement, adding that the fund was allocated: To fund the country s petroleum and basic goods imports for 2021.
The ministry pointed out that the deal was part of a $3 billion agreement that was signed between Egypt s Ministry of Investment and the ITFC in January 2018. ....

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