Egypt has signed a new $1.5 billion financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund energy and commodities trading, CNBC Arabia reported, quoting CEO of the ITFC Hani Salem Sonbol.

The agreement will fund purchases of basic goods and commodities, such as petroleum, wheat, and other subsidized food staples.

According to a Ministry of Planning and Economic Development statement, Sonbol met with ministers of planning and oil in Cairo earlier this week to sign the agreement.

The fresh financing comes under the ITFC-Egypt 2018 credit agreement, which was extended in 2022 to a possible $6 billion from $3 billion, and was renewed for another five years.

Egypt and the ITFC signed a similar agreement last year, with the former having directed around $1.5 billion - $800 million for petroleum and $700 million for commodity imports.

The ITFC’s total financing portfolio with Egypt now stands at some USD 14.5 billion, MPED Minister Hala El-Said revealed.

Yesterday, the ITFC launched a $350k local export academy to “boost the capacities of Egyptian entrepreneurs and incorporate their products and services into the global supply chain,” in partnership with the Micro, Small and Medium Enterprises Development Agency (MSMEDA) and the Trade and Industry Ministry.