Egypt to receive funds to import essential goods
Wheat, on a farm, in Qalubiyah, North Cairo, Egypt - AP/Hassan Ammar

CAIRO: An agreement on receiving funds from the International Islamic Trade Finance Corporation (ITFC) to import “essential goods” into Egypt was signed by President Abdel Fatah al-Sisi Thursday.

The agreement is based on a memorandum of understanding (MOU) signed by the Ministry of International Cooperation and ITFC in March during the Egypt Economic Development Conference (EEDC.)

“The funding will allow the Egyptian government to import wheat, petroleum products and diesel,” the presidency said in a statement Thursday.

Egypt imports wheat from several countries, such as Russia, Romania, Canada, Argentina, Ukraine, and the U.S., according to the Ministry of Supply.

The reserve of Egyptian wheat will exceed minimum reserve requirements by October, the ministry said in a January statement.

Egypt consumes 450,000 metric tons of diesel, 300,000 metric tons of butane gas and 500,000 metric tons of benzene monthly. It also imports oil products worth $1.3 billion every month.

The Egyptian authorities enforced Thursday several agreements signed at the EEDC.

Representatives of the Saudi Sisban Holdings and the Egyptian Mountain View construction signed contracts of two housing projects in 6 of October City and New Cairo, with investments of 61 billion EGP ($7.99 m.)

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