IITFC grants US$265 million loan to Egyptian oil firm

islamic development bankThe Islamic Development Bank headquarters in Jeddah, Saudi Arabia. (Image source: Wikimediacommons)The International Islamic Trade Finance Corporation (IITFC), a branch of the Islamic Development Bank, has provided funds worth US$265mn to Egyptian General Petroleum Corporation (EGPC)

This has increased the amount of money provided to the EGPC by the IITFC since October 2012 to nearly US$500mn.

Egyptian Prime Minister Hesham Qandil signed a ‘Murabha Agreement’ this week, which was also signed by EGPC head Sharif Hadara and IITFC executive president Walid Al-Wahib.

The deal will represent the second instalment of a previously-signed agreement between the two parties on 1 July 2012, which stipulated that the IITFC would provide the EGPC with funding amounting to US$1bn.

The signing ceremony was attended by Egypt’s finance minister Al-Morsy Al-Hijazi, Egypt’s petroleum and mineral resources minister Osama Kamal, minister of planning and international co-operation Ashraf al-Arabi, executive president of the IITFC Walid al-Wahib and executive direct of the Islamic Development Bank Zinhum Zahran.

Hijazi said these agreements reflected the confidence of the regional and international institutions in the Egyptian government’s ability to abide by its international obligations by their designated deadlines.

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