Egypt signs $1.5 billion financing agreement with Islamic Trade Finance Corporation

Sonbol said the agreement includes financing imports of energy products and essential commodities.

In 2022, Egypt signed a similar agreement, also worth $1.5 billion, with the ITFC, which is headquartered in Jeddah, Saudi Arabia.

The financing cooperation portfolio between Egypt and the corporation totals $14.5 billion so far, Planning Minister Hala Al-Saeed said at a signing ceremony in Cairo, MENA reported.

The package aims to strengthen the country's ability to mitigate Covid-19's economic and social repercussions, as well as the successive developments in the international arena as a result of the Russian-Ukrainian crisis, she said.