Egypt signed Sunday a $1.5 billion Annual Work Program with the International

Egypt signed Sunday a $1.5 billion Annual Work Program with the International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IsDB) Group, to provide integrated financing solutions to the Arab country.

Under the agreement, ITFC will deliver Egypt $1.5 billion integrated financing solutions, meant to enhance the country’s capacity to mitigate the economic and social fallouts of the COVID-19 crisis, and the aftermath of geopolitical variables on the international arena as a result of the Russian-Ukrainian crisis.

The agreement also includes financing imports of energy products and key commodities. The deal is part of the framework agreement that has been signed between Egypt and the financial institution in 2018.

The financing cooperation portfolio between Egypt and the Saudi Arabia-based IsDB amounts to $14.5 billion so far.