The Egyptian Official Gazette published President Abdel Fattah El-Sisi’s decision to approve the amendment of a financing agreement with the International Islamic Trade Finance Corporation.
The amendment included the credit ceiling of the agreement to be 6 billion US dollars, instead of 3 billion, which was the agreement signed in Sharm El-Sheikh on June 3, 2022.
The agreement aims to find the necessary ways and means to ensure close cooperation and coordination of efforts between the government and the corporation, and to implement the strategic partnership between the two parties in the field of trade finance.
Under the agreement, the Corporation will contribute to mobilizing financial resources from international and regional banks and financial institutions to finance the import of basic commodities such as oil, oil and gas products, wheat, food resources and other commodities for the benefit of the Egyptian government, with a guarantee from them.
The issue of the Official Gazette included a decision by Foreign Minister Sameh Shoukry to implement this agreement as of December 29.
This article was originally published by RT.