Egypt requests 150% annual wheat credit limit increase from ITFC

The Egyptian government has submitted a request to the International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank (IsDB), to increase its annually-obtained credit limit for purchasing wheat by roughly 150% to $500 million, a government official told Asharq Business.

The ITFC has agreed to provide Egypt with an urgent $45 million of its credit ceiling, pending the lenders’ approval to raise the annual limit to $500 million, the official said.

It is worthy to note that IsDB’s investment portfolio in Egypt has reached $22 billion so far, covers 395 projects across various sectors, including electricity, infrastructure, and transport.

Tags: International Islamic Trade Finance Corporation, ITFC, Islamic Development Bank, IsDB, Egypt, wheat, purchase