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Egypt to Get $1.2 Billion Financing From Islamic Trade Group

Egypt signed an agreement to borrow $400 million a year for three years from the International Islamic Trade Finance Corp. to help fund purchases of fuel and wheat, the state-run Middle East News Agency said, citing International Cooperation Minister Fayza Aboulnaga.

The funds will be provided to the state-run Egyptian General Petroleum Corp. and the General Authority for Supply Commodities, which imports wheat for the North African country, Aboulnaga said at a press conference in Cairo today, according to MENA. It carries an interest rate of 3.75 percent, she said.

Aboulnaga said the loan would help alleviate fiscal pressures on the country, including the depletion of foreign currency reserves. Those reserves plunged to $15.7 billion last month from $36 billion at the end of 2010.

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