International Islamic Trade Finance Corporation

Africa Finance Corp., ITFC to provide Egypt with $250M for procurement of essential commodities

Tue, 16 Jan 2024 - 12:05 GMT

Meticulously structured per Sharia principles, the trade loan represents a dynamic response to the evolving economic landscape in Africa, the AFC explained

AATB program seeks to promote trade in Arab, African states: Min.

Tue, 15 Mar 2022 - 04:43 GMT

El-Said added in press remarks after launching the AATB Council of Governance, that the program also seeks to develop the business sector, create a new generation of exporters and upgrade exported products through forming new partnerships between Arab and African countries.

Planning minister probes with ITFC means to launch academy for exporters

Mon, 07 Feb 2022 - 04:25 GMT

The meeting was held on the sidelines of a visit by minister Said to the headquarters of ITFC in the Saudi city of Jeddah, said a statement issued by her ministry on Monday.

ITFC provides Egypt $2.3B development financing during 2021

Sun, 07 Nov 2021 - 03:55 GMT

There are ongoing discussions on adding the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) to the ITFC’s beneficiaries in the upcoming period, as well as means of diversifying areas of cooperation, including climate financing.

Total amount provided by ITFC to Egypt records $12.5B

Thu, 08 Jul 2021 - 03:08 GMT

The program includes providing $700 million to the Egyptian General Petroleum Corporation and $400 million to the General Authority for Supply Commodities. An initiative (in international trade) was launched to empower women in the field of small and micro-enterprises.

Egypt signs ITFC's 2021 program for $1.1B

Wed, 13 Jan 2021 - 12:59 GMT

The program was signed by CEO of the ITFC Hani Salem Sonbol, and Executive Vice President of the Egyptian General Petroleum Corporation (EGPC), Ashraf Abdullah, and Vice-Chairman of the Board of Directors of the General Authority for Supply Commodities (GASC) Ahmed Youssef.

ITFC’s approved financing operations in Egypt hit $11.2B

Tue, 13 Oct 2020 - 11:42 GMT

Egypt is one of the most important partners of the International Islamic Trade Finance Corporation (ITFC), CEO of ITFC Hany Salem Sonbol said.

ITFC pledges $100M aid to ease coronavirus ramifications

Mon, 04 May 2020 - 12:50 GMT

The package would also enable the authority in meeting basic commodities needs, the statement added.

ITFC allocates $1.1B in funding for Egypt in 2020

Thu, 06 Feb 2020 - 03:30 GMT

Gamea added in a statement Thursday that $700 million of the funding will go to the energy sector, while $400 million will be for the internal trade.

ITFC finances programs of promoting Egypt's exports to Africa: EDA

Sun, 22 Dec 2019 - 02:27 GMT

The two sides agreed on a timetable to implement EDA programs as well as the budget proposed for each program.

Egypt signs agreement with ITFC to support commodities by $1.1B

Wed, 04 Dec 2019 - 12:41 GMT

This comes as part of the agreement worth $3 billion signed in January 2018 between the Ministry of Investment and the International Islamic Trade Finance Corporation.

Building bridges of trust & trade

Wed, 03 Jul 2019 - 11:42 GMT

The Islamic Development Bank (IsIDB) has a portfolio of $21.6 billion in Egypt, including $10 billion with the ITFC.

Presidential decree approves framework deal with ITFC

Thu, 10 Jan 2019 - 10:11 GMT

A presidential decree was issued on Thursday sanctioning a framework agreement between the Egyptian Investment and International Cooperation Ministry and the International Islamic Trade Finance Corporation (ITFC) to fund Egypt's importation of staple comm

Egypt, IITFC sign $1B agreement to import basic commodities

Thu, 06 Sep 2018 - 02:43 GMT

The Public Authority of Supply and International Islamic Trade Finance Corporation signed on Thursday a $1B agreement to fund subsidized basic commodities

International Islamic Trade Finance opens $400M credit line for Egypt

Thu, 01 Feb 2018 - 10:47 GMT

International Islamic Trade Finance Corporation this week opened a credit line worth $400 million for Egypt to buy petroleum products.

$3B agreement with ITFC for basic goods provision

Tue, 30 Jan 2018 - 12:54 GMT

Minister of Investment signed Tuesday a $3 billion agreement with the Islamic Trade Finance Corporation (ITFC) to support the provision of basic goods in Egypt.

Business news wrap-up

Sat, 04 Nov 2017 - 05:19 GMT

A wrap-up for the most prominent business news of the day.