Cairo – January 16, 2024: Egypt is set to receive $250 million in a Sharia-compliant trade loan facility from the Africa Finance Corporation (AFC), in partnership with the International Islamic Trade Finance Corporation (ITFC), to support purchases of certain essential commodities. Meticulously structured per Sharia principles, the trade loan represents a dynamic response to the evolving economic landscape in Africa, the AFC explained. Egypt was formally welcomed into the Africa Finance Corporation in March 2023 as its first North African sovereign shareholder. The AFC and ITFC provided Egypt with loan facilities worth $50 million back in November 2022. Islamic banking represented 5 percent of the overall Egyptian banking market after reaching LE 562 billion in September 2023, according to a November report by the Egyptian Islamic Finance Association (EIFA).
