Egypt to get $1 billion for basic goods from Islamic Bank

The International Islamic Trade Finance Corporation (ITFC) will provide Egypt with $1 billion to support the provision of basic goods, the Egyptian investment ministry said on Thursday.

The financing is part of a $3 billion agreement with the ITFC, part of the Islamic Development Bank (IDB), to support the supply of commodities to 67 million of Egypt's more than 90 million citizens, the ministry said in a statement.

Egypt's economy was battered after a 2011 uprising ushered in political instability that initially scared off tourists and foreign investors.