EGYPT – The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank Group (IDB), has signed a US$100 million financing agreement with Egypt’s General Authority for Supply Commodities (GASC) to cover the government’s essential strategic commodity needs during the outbreak of the new coronavirus (COVID-19).

The Approval of the financing, which forms part of the ITFC’s Master Murabaha Agreement, will enable GASC to mitigate the very worst human impacts of the coronavirus pandemic by securing food commodity imports.

The financing is specifically targeted at supporting the importation of critical basic commodities i.e. 240 thousand tonnes of wheat and 100 thousand tonnes of sugar, which are two staples that Egypt depends upon.

H.E Dr. Ali Al-Mesilhi, Minister of Supply and Internal Trade of Egypt said that through this agreement, Egypt will meet the necessary and urgent needs in such exceptional circumstances that the Republic and the world as a whole are going through.

Commenting on the ITFC’s approval for the financing, Eng. Hani Salem Sonbol, ITFC CEO, said, “ITFC is absolutely committed to doing what it can to assist in achieving food security in Egypt during a time when national economies are struggling with the economic impact of this terrible new disease.”

ITFC was established with the primary objective of advancing trade among OIC Member Countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world.

Since 2008, ITFC has provided more than US$51 billion to OIC Member Countries, making it the leading provider of trade solutions for the Member Countries’ needs.

With a mission to become a catalyst for trade development for OIC Member Countries and beyond, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

Since 2018, ITFC has been supporting the Egyptian governments’ efforts through a trade finance facility benefiting the GASC, Egypt’s largest wheat purchaser.

In 2019, ITFC extended US$ 393 million that was utilized for the import of 1.3 million tonnes of wheat and 130 thousand tonnes of rice.