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International Islamic Trade Opens $400M Credit Line for Egypt

Source: Reuters 2/1/2018, Location: Egypt

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International Islamic Trade Finance Corporation this week opened a credit line worth $400 million for Egypt to buy petroleum products in a last tranche of a $3 billion finance deal signed in 2015, Chief Executive Officer Hani Sonbol said.

The corporation will start implementing a new $3 billion deal with Egypt in the first half of 2018 for petroleum products and essential commodities, Sonbol told Reuters.

He expected the corporationís trade finance portfolio to rise to $5-5.5 billion in 2018 from $4.9 billion in 2017.

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