Islamic Development Bank Provides $265m To Egypt State-Owned Oil Firm

The Egyptian General Petroleum Corporation (EGPC) received $265 million of funds from the International Islamic Trade Finance Corporation (IITFC). Since October 2012, the money provided to the EGPC from the IITFC has almost reached the $500 million mark. The funds are intended to help the state to secure a larger number of basic goods and other necessities for its citizens. The initiative includes petroleum products, wheat and other foodstuffs.