$100 Million autographed by the International Islamic Trade Finance Corporation with the General Authority for Supply Commodities to Ameliorate the Egyptian Government‘s Integral Strategic Merchandise Preferences
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS ( NABN ) Freetown, Sierra Leone- $100 million has been approved to Egypt by the International Islamic Trade Finance Corporation (ITFC) with the General Authority for Supply Commodities (GASC) by way to encircle the Egyptian Government’s important strategic entity that are lacking during the eruption of COVID-19.
Authorization of the financing constitutes fraction of the ITFC’s Master Murabaha Agreement, that promotes Egypt’s General Authority for Supply Commodities to mitigate the nastiest mortal traumas of the Novel Coronavirus scourge, by ensuring food product substances.
H.E Dr. Ali Al-Mesilhi – Minister of Supply and Internal Trade, substantiated that; the Ministry of Supply affected by the General Authority for Supply Commodities honors and give thanks to the International Islamic Corporation for Trade Finance for the cooperation and never-ending assistance, whether this year or previous years, that is exemplified by the unexpected riposte. Over this consensus, Egypt will satisfy the vital and pressing necessities in such phenomenal situations that the Republic and the world as a whole are going through.
On the ITFC’s approval for the financing, Eng. Hani Salem Sonbol, ITFC CEO, asserted: “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 utilized to pay for 240 thousand tones of wheat & 100 thousand tones of sugar.
The wheat protocol is of strategic significance to the Egyptian Government to guarantee food security for all Egyptians. Since 2018, ITFC has been supporting the Governments’ efforts through an exchange finance structure profiting the GASC, Egypt’s largest wheat purchaser. ITFC enlarged US$ 393 million which was used in 2019 for the import of 1.3 million tones of wheat and 130 thousand tones of rice.
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