Egypt wins $1.2bn Islamic loan facility from ITFC

08 Mar 2012

Egypt has obtained a $1.2bn credit facility from the International Islamic Trade Finance Corporation (ITFC) – a subsidiary of the Islamic Development Bank.

The loan, agreed on Thursday, will be immediately available to help the country pay for commodity imports such as oil and wheat.

Egypt will pay just 375bp over Libor to service the facility — a much better rate than it could obtain in the open market. It is hoped ...

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