In a pivotal move, Egypt has secured a commercial loan amounting to USD 250 million (EGP 7.7 billion) through collaboration with the African Finance Corporation (AFC) and the International Islamic Trade Finance Corporation (ITFC), Ahram Online reported on 16 January.
“This transaction underscores AFC’s commitment to drive Africa’s transformation by fostering local manufacturing, value creation, and job growth…supporting Egypt’s Vision 2030 agenda and building upon our successful collaborations,” AFC President and CEO Samaila Zubairu said in a press statement.
The one-year term loan is strategically designed to fortify the Egyptian General Petroleum Authority and the General Authority for Supply Commodities in facilitating imports of essential commodities.
This initiative aims to ensure the uninterrupted flow of petroleum products and fundamental agricultural commodities such as wheat, corn, oils, and sugar – safeguarding the energy and food needs of Egypt’s 105 million citizens.
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