Egypt is set to receive $1.1bn from the Jeddah-based International Islamic Trade Finance Corporation (ITFC) to “provide integrated financing solutions to all of Egypt’s foreign trade sectors for 2021.” The money is part of a $3bn loan package signed in 2018 (MEES, 14 September 2018).
ITFC is a subsidiary of the Islamic Development Bank in which Saudi Arabia (27%) is the largest shareholder, while Egypt has 9%. (CONTINUED - 196 WORDS)