Egypt to receive $1.5 billion in funding from the International Islamic Trade Finance Corporation (ITFC) to fund its imports of commodities and fuel

Egypt will receive $1.5 billion in financing from the International Islamic Trade Finance Corporation (ITFC) to fund its imports of commodities and fuel, Egypt’s Ministry of Planning and Economic Development announced in a statement. press release published on Monday 23 January.

This financing brings the total commitments of the subsidiary of the Islamic Development Bank (IDB) in Egypt to $14.5 billion, the same source said. It comes in a context of devaluation of the Egyptian pound, a measure demanded by the International Monetary Fund (IMF) in return for a $ 3 billion aid program intended to support the Egyptian economy.

Struggling with severe financial pressures from the aftermath of the war in Ukraine, Egypt faces higher import bills for food and fuel.