ITFC Provides $8 B to Petroleum Sector Since 2008

ITFC Provides $8 B to Petroleum Sector Since 2008

The Egyptian petroleum sector’s dealings with the International Islamic Trade Finance Corporation (ITFC) reached $8 billion since 2008 to date, Al-Ahram reported.

This was announced during ITFC’s celebration of the completion of the $1.13 billion tranche to support the energy sector and basic commodities in Egypt under a $3 billion finance agreement.

The Ministry of Investment and International Cooperation, in addition to a number of banks and financial institutions, helped provide the needed funds to meet the local demand of petroleum products, according to the Ministry of Petroleum.

The Ministry of Petroleum also ensured its commitment to meet all financial obligations and stressed the importance of the ongoing cooperation with ITFC.


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