Browsing: Islamic Finance in Egypt

• Egypt has secured $250 million to aid its battered economy after the elections held in 2023.
• The country has been struggling, with the economy remaining on life support, while the regime continues to plough on with mega projects.
• Africa Finance Corporation and ITFC have a successful joint track record in Islamic finance, previously providing a $50 million loan to Egypt and a EUR 25 million loan to Senegal in November 2022.

Egypt has secured a $250 million loan from the Africa Finance Corporation (AFC) to better prepare for anticipated shocks, disruptions, or stress that the North African country may experience.

As the continent’s primary provider of infrastructure financing solutions, AFC will extend a $250 million Sharia-law-compliant trade loan to Egypt in collaboration with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group.

According to a statement from IFC, the loan proceeds will contribute to …