The Minister of Petroleum and Mineral Resources, Tarek El Molla, has witnessed the signing of an executive agreement with the International Islamic Trade Finance Corporation (ITFC), to finance petroleum products imports and food commodities for 2020, with an estimate of $1.1 billion, according a press release.

The agreement was signed between the CEO of ITFC, Hani Salem Sonbol; the Deputy CEO for Financial and Economic Affairs in the Egyptian General Petroleum Corporation (EGPC), Ashraf Abdallah; and the Deputy CEO of the General Authority For Supply Commodities, Ahmed Youssef, in the presence of the Minister of Investment and International Cooperation, Sahar Nasr; and EGPC’s CEO, Abed Ezz El-Regal.

This agreement comes within the framework of an earlier agreement signed in January 2018 between the Ministry of the Investment and International Cooperation and ITFC estimated by $3 billion.

Nasr said that this agreement is one of the governmental priorities as it will save commodities for 64 million citizens and provide them with the best services.

From his side, El Molla said that the agreement builds on the cooperation between the ministry and ITFC, as ITFC funds have increased to include the financing of petroleum products and their imports, which fulfill the domestic market’s needs.

In the same sequence, Sonbol said that this agreement is not only for supplying products, but also involves trading and business development programs through the Arab African Trade Bridge (AATB) program.