ITFC Funds Egypt’s Diesel and Petroleum Imports

ITFC Funds Egypt’s Diesel and Petroleum Imports

An agreement on receiving funds from the International Islamic Trade Finance Corporation (ITFC) to import “essential goods” into Egypt was signed by President Abdel Fatah al-Sisi Thursday.

The agreement is based on a memorandum of understanding (MOU) signed by the Ministry of International Cooperation and ITFC in March during the Egypt Economic Development Conference (EEDC.)

“The funding will allow the Egyptian government to import wheat, petroleum products and diesel,” the presidency said in a statement Thursday.

Egypt consumes 450,000 metric tons of diesel, 300,000 metric tons of butane gas and 500,000 metric tons of benzene monthly. It also imports oil products worth $1.3 billion every month.

Source: Cairo Post.


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