Africa Finance Corporation (AFC), the continent’s leading provider of infrastructure financing solutions, is to provide a $250 million Sharia-law compliant trade loan facility to the Government of Egypt in partnership with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group. The proceeds from the loan will contribute to addressing Egypt’s immediate priorities and boost economic resilience by financing the purchase of critical petroleum products and agricultural commodities, essential pillars of Egypt’s economic infrastructure. The trade loan facility, meticulously structured in accordance with Sharia principles, represents a dynamic response to the evolving economic landscape in Africa. AFC had recently also supported the JPY 75 billion 5 year Samurai bond issued by the Government of Egypt as a re-guarantor. AFC has 42 member countries and has invested US$12.7 billion across Africa since inception.

Source: News Business Ethiopia January 17, 2024 00:21 UTC