Egypt secures $1.6bn financing from IsDB
Egypt has secured $1.6 billion in loans from Saudi Arabia-based Islamic Development Bank (IsDB), to drive the country’s economic growth and bolster its private sector.
The International Islamic Trade Finance Corporation (ITFC), a member of the IsDB, has signed a $1.5 billion annual program with Egypt, which is part of a five-year framework valued at $6 billion, to enhance Egypt's growth across critical sectors including energy, food security, and small and medium-sized enterprises (SMEs). Of the $1.5 billion, $700 million from the ITFC will be allocated to the General Authority for Supply Commodities.
Since 2008, ITFC has committed over $18.7 billion to Egypt, financing key sectors such as energy, food security, and supporting SMEs and women entrepreneurs.
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