The Egyptian General Petroleum Corporation (EGPC) will receive EGP14 billion in Islamic financing to settle overdue debts. The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, signed a new agreement with state-owned EGPC on Monday to provide it with nearly US$235 million through an Islamic financing scheme.
The new funds come under a three year, US$1 billion framework agreement to fund petrol and strategic food commodities, signed by the Saudi-based ITFC and the Minister of Planning and International Cooperation earlier this year………………………………………..Full Article: Source