Egypt, ITFC sign $100 million deal to secure staple imports

The International Islamic Trade Finance Corporation (ITFC) signed a $100 million financing agreement with the General Authority for Supply Commodities (GASC) to cover the Egyptian government’s essential strategic commodity needs amid the COVID-19 pandemic.

According to a statement, the approval of the financing, which forms part of the ITFC’s Master Murabaha Agreement, enables Egypt’s GASC to mitigate the harsh human impacts of the coronavirus pandemic by securing food commodity imports.