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Africa Finance Corporation (AFC) allocates $250 million to support Egypt's economy

Africa Finance Corporation (AFC) allocates $250 million to support Egypt's economy

Posted on January 22, 2024   |  

Africa Finance Corporation (AFC) teams up with the International Islamic Trade Finance Corporation (ITFC) to offer a $250 million Sharia-law-compliant trade loan to the Government of Egypt.

The loan funds will address Egypt's immediate needs, supporting economic resilience by financing the purchase of crucial petroleum products and agricultural commodities.

The 1-year trade loan will be split between 2 state-owned entities: the Egyptian General Petroleum Corporation (EGPC) for fuel and petroleum products, and the General Authority for Supply Commodities (GASC) for essential agro-based imports like wheat, corn, vegetable oils, and sugar.

The initiative aims to strengthen Egypt's economic infrastructure and enhance economic security by meeting essential requirements in the petroleum and agricultural sectors.



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