The Minister of Petroleum and Mineral Resources, Tarek El Molla, witnessed the signing of an agreement with the International Islamic Trade Finance Corporation (ITFC) to provide integrated financing solutions to all Egypt’s foreign trade sectors for 2021 worth $1.1 billion. The signing of the agreement was also witnessed by  Hala El Said, the Minister of Planning and Economic Development, Ali Al-Moselhi, the Minister of Supply and Internal Trade, Rania Al-Mashat, the Minister of International Cooperation (MOIC), and Neveen Gamea, the Minister of Trade and Industry via video conference.

The agreement was signed by the CEO of ITFC, Hani Salem Sonbol, the Deputy CEO of the Egyptian General Petroleum Corporation (EGPC), Ashraf Abdallah, and the Deputy CEO of the General Authority for Supply Commodities, Ahmed Youssef.

El Said stated that this agreement includes many projects and programs that will facilitate, digitize, and enhance the competitive capabilities of foreign trade. In addition, she highlighted that this agreement comes within the framework of an earlier agreement signed in 2018 between Egypt and ITFC estimated by $3 billion for five years to provide basic food commodities, crude oil products and petroleum products.

For his part, El Molla praised ITFC for its support to the petroleum sector to meet the country’s need for butane, crude oil and petroleum products.