The International Islamic Trade Finance Corporation (ITFC) has agreed to finance $2 billion worth of petroleum products, as a part of a larger $3 billion agreement with Egypt’s Ministry of Investment to fund the import of a number of basic goods, Egypt Oil & Gas reports.

The deal was signed by the head of the Egyptian General Petroleum Corporation, Abed Ezz El Regal, and the ITFC’s CEO, Hani Salem Sonbol.

El Molla revealed afterwards that he and Sonbol had had a productive discussion about increasing cooperation in the upcoming period, pointing out the benefits the ITFC can have on several aspects of the modernization program.

In its history the IFTC has signed a total of five agreements with the Ministry of Investment worth around $9.2 billion, according to the Saudi Gazette.