According to CNBC Arabia on Twitter, which cited the corporation’s CEO, Egypt has struck a $1.5B financing agreement with the International Islamic Trade Finance Corporation to fund its trading, including imports of energy items and vital commodities.
Last year, Egypt and the ITFC, which has its headquarters in Jeddah, Saudi Arabia, and frequently provides financing for Egypt’s imports of commodities like grains and oil, signed a comparable arrangement worth $1.5B.
The portfolio of financial cooperation between Egypt and the company is currently $14.5B, according to a statement posted by the Ministry of Planning on its Facebook page.
She continued by saying that the most recent deal was signed as part of the framework agreement that Egypt and the ITFC originally signed in 2018 and that was extended for an additional five years last year with a change to the credit ceiling of the arrangement from $3 to $6B.
Egypt recently agreed to a $3B IMF rescue package as it deals with a currency crisis made worse by Russia’s conflict in Ukraine, which is driving up its costs for wheat and oil and hurting its numbers of visitors from both countries. Egypt’s main source of hard income is tourism.
According to a study by students at American universities asking about how they see the economies of more than 80 different countries, Egypt has ranked ninth globally, according to UK Business Insider. The study found that Egypt has the necessary foundation and integrated conditions for economic growth and that recent events have helped it achieve prosperity in the following ways:
It is important to note that Egypt has a genuine chance to create a robust economy for the foreseeable future. In addition to helping them move up the rankings for ease of business, the World Bank is actively monitoring Egypt’s progress and advising it on overcoming challenges.
In order to compete with the shipping and commercial sectors of the United Arab Emirates, the Suez area projects include a variety of fields for business establishment. The Suez Canal project has begun to progress, and it is anticipated that it will see a significant evolution over time.
The post Egypt And LTFC Agree To A $1.5 Billion Finance Deal appeared first on FinanceBrokerage.