The International Islamic Financial Corporation (ITFC) opened a line of credit (LOC) worth $400 million for Egypt, in order to purchase petroleum products. The LOC comes in a last tranche of a finance deal worth $3 billion, which was signed in 2015, Hani Sonbol, ITFC CEO told Reuters.
ITFC is considering a new pact with Egypt in the first half of 2018, for a new $3 billion finance deal to be used for essential commodities and petroleum products, Sonbol pointed out.
Sonbol expects an increase in the trade finance portfolio of the ITFC to reach between $5 billion and $5.5 billion in 2018, compared to $4.9 billion in 2017.
ITFC has previously expressed interest in financing projects in Egypt’s oil and gas sector, said Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, Egypt Oil & Gas reported.
“ITFC statements come out of confidence in the Egyptian economy, especially after implementing the reform program, which boosted the investment climate and supported the country’s position within Arab and International investment maps,” El-Molla noted.
The minister’s comments came during his meeting with Sonbol and accompanying delegation, in order to discuss potential this cooperation.
