Ron-Kid
HasbunAllahu wa ni`mal Wakil '
Egypt’s Faiza Abul Naga announced a finance deal for energy and food
The government again denied any energy shortages on Sunday, despite long lines at petrol stations across the country. Still, Egypt announced that it had inked a $1 billion finance deal with the Saudi-based Islamic Development Bank to assist on energy and food imports.
In a government statement, Egypt said the agreement with the International Islamic Trade Finance Corporation, a section of the IDB, was agreed upon in Cairo by CEO Waleed Abdul Mohsen al-Wohaib and Egypt’s International Cooperation Minister Faiza Abul Naga.
“Dr. Waleed al-Wohaib said the institution is keen to support the Egyptian economy by offering Islamic finance aimed at supplying strategic commodities such as wheat and petrol,” the statement said.
The finance was part of a previously announced agreement to provide Egypt with $2.5 billion, it said.
Egypt’s outgoing army-backed government has struggled to secure aid promised by foreign donors after a popular uprising ousted president Hosni Mubarak last year and the country now risks a balance of payments crisis.
Trade sources told Reuters that the government had struggled to obtain bank payments for its fuel purchases.
They said this had led to shipping delays that may have disrupted supplies for transport, industry and farming.