International Islamic Trade Finance Corporation extends US$100m COVID-19 Emergency Financing for purchasing wheat and sugar in favor of Egypt
ITFC intervention to help finance essential strategic food commodities in light of the impact of COVID-19
JEDDAH, Kingdom of Saudi Arabia, May 4, 2020/ -- The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), has signed a US$100 million financing agreement with the General
Authority for Supply Commodities (GASC) to cover the Egyptian
Government’s essential strategic commodity needs during the outbreak of
the new coronavirus (COVID-19).
The Approval of the financing, which forms part of the ITFC’s Master
Murabaha Agreement, enables Egypt’s General Authority for Supply
Commodities to mitigate the very worst human impacts of the coronavirus
pandemic by securing food commodity imports.
From his side, H.E Dr. Ali Al-Mesilhi, Minister of Supply and Internal
Trade, affirmed that the Ministry of Supply represented by the General
Authority for Supply Commodities appreciates and thanks the
International Islamic Corporation for Trade Finance for the cooperation
and continuous support, whether this year or previous years, that is
demonstrated by the immediate response. Through this agreement, Egypt
will meet the necessary and urgent needs in such exceptional
circumstances that the Republic and the world as a whole are going
through.
Commenting on the ITFC’s approval for the financing, Eng. Hani Salem
Sonbol, ITFC CEO, said: “The financing that has been approved by the
ITFC is specifically targeted at supporting the importation of critical
basic commodities such as wheat and sugar, which are two staples that
the mass population of Egypt depends upon. ITFC is absolutely committed
to doing what it can to assist in achieving food security in Egypt
during a time when national economies are struggling with the economic
impact of this terrible new disease.” The amount will be used to
purchase 240 thousand tonnes of wheat & 100 thousand tonnes of
sugar.
The wheat policy is of strategic importance to the Egyptian Government
to ensure food security for all Egyptians. Since 2018, ITFC has been
supporting the Governments’ efforts through a trade finance facility
benefiting the GASC, Egypt’s largest wheat purchaser. ITFC extended US$ 393 million which was utilized in 2019 for the import of 1.3 million tonnes of wheat and 130 thousand tonnes of rice.
About the International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) is a member of the Islamic Development Bank (IsDB) Group. It was
established with the primary objective of advancing trade among OIC
Member Countries, which would ultimately contribute to the overarching
goal of improving socioeconomic conditions of the people across the
world. Since 2008, ITFC has provided more than US$51 billion to OIC
Member Countries, making it the leading provider of trade solutions for
the Member Countries’ needs. With a mission to become a catalyst for
trade development for OIC Member Countries and beyond, the Corporation
helps entities in Member Countries gain better access to trade finance
and provides them with the necessary trade-related capacity building
tools, which would enable them to successfully compete in the global
market.
Link: International Islamic Trade Finance Corporation (ITFC)
International Islamic Trade Finance Corporation extends US$100m COVID-19 Emergency Financing for purchasing wheat and sugar in favor of Egypt
International Islamic Trade Finance Corporation extends US$100m COVID-19 Emergency Financing for purchasing wheat and sugar in favor of Egypt
International Islamic Trade Finance Corporation extends US$100m COVID-19 Emergency Financing for purchasing wheat and sugar in favor of Egypt
International Islamic Trade Finance Corporation extends US$100m COVID-19 Emergency Financing for purchasing wheat and sugar in favor of Egypt
International Islamic Trade Finance Corporation extends US$100m COVID-19 Emergency Financing for purchasing wheat and sugar in favor of Egypt
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