The Clap
Egypt signed an agreement with the International Islamic Trade Finance Corporation (ITFC) to receive financing worth $1.5 billion in 2023.

What
ITFC CEO Hani Sonbol said proceeds will be used to support food commodities and imports of petroleum products.

So what
Egypt’s budget suffers from increasing spending on food commodities, especially wheat, for which expected spending for the coming fiscal year could stand at EGP 95 billion.

Now What
Minister of Petroleum Tarek El-Molla said that the ITFC provided Egypt with funds worth $457 million during January 2023, making it easier for Egypt to secure its petroleum product needs.

Shams Abbas

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