ITFC opens $400m credit line for Egypt to buy petroleum products

ITFCInternational Islamic Trade Finance Corporation this week opened a credit line worth $400 million for Egypt to buy petroleum products in a last tranche of a $3 billion finance deal signed in 2015, Chief Executive Officer Hani Sonbol said on Thursday.

The corporation will start implementing a new $3 billion deal with Egypt in the first half of 2018 for petroleum products and essential commodities, Sonbol told Reuters.

He expected the corporation’s trade finance portfolio to rise to $5-5.5 billion in 2018 from $4.9 billion in 2017.

(Source: Reuters)


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