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ITFC and SEP in $100mln deal to Finance Saudi Exports to Egypt

Posted on 02 July 2010

The International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IDB) Group and as part of its trade financing program to provide Egypt with its strategic energy requirements has organized a series of trade finance operations valued at $358 million with an increase of more than 138% over 2009 which saw a total of $150 million trade finance operations for Egypt.
Furthermore, the above series of operations included a jointly syndicated $100 million trade finance operation between the ITFC and the Saudi Export program (SEp). This trade finance operation is intended for the Egyptian General petroleum Corporation (EGpC), providing it with strategic financing in order to import petroleum products from Saudi Arabia……………………………………….Full Press Release: Source

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