Egypt is borrowing $3bn from the Jeddah-based International Islamic Trade Finance Corporation (ITFC) in two deals signed 6 September. Of this $2bn will go to state oil firm EGPC to help fund imports of oil products with the other $1bn going to fund the import of foodstuffs and other goods.
The ITFC has lent Egypt a total of $7.24bn since its inception in 2008 with the bulk going to fund imports of crude and oil products. (CONTINUED - 456 WORDS)
