Cairo – Mubasher: The Egyptian Ministry of Petroleum signed an agreement worth $1.1 billion to finance the import of petroleum products and basic commodities during 2020 with the International Islamic Trade Finance Corporation (ITFC).
The deal is part of a $3 billion framework agreement signed in January 2018 between the Ministry of Investment and International Cooperation and ITFC, according to a statement on Wednesday.
Under the agreement, the government will provide basic goods to 64 million Egyptians, the minister of investment and international cooperation Sahar Nasr noted.
The volume of funding provided by ITFC has grown significantly, meeting the needs of oil and petroleum products in the local market, the minister of petroleum Tarek El-Molla said.
