02.10.2012 - Islamic finance to the rescue for EGPC
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
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