The OPEC Fund for International Development, OFID, has announced it is contributing $50 million to support Egypt’s purchase of crude oil, petroleum products and liquefied natural gas via a mudaraba (participation) agreement with the International Islamic Trade Finance Corporation (ITFC).
OFID’s contribution to the financing – the aggregate amount of which is US$300 million – will help in closing the gap between fuel consumption and local production in Egypt. OFID recognizes that energy security is critical to economic growth.
The executing agency on behalf of the government under the financing will be the Egyptian General Petroleum Corporation. OFID has a strong partnership with Egypt, dating back to 1976. Since then, OFID has extended around US$1.2 billion to the country via various types of credit financing.
OFID has a strong partnership with Egypt, dating back to 1976. Since then, OFID has extended around US$1.2 billion to the country via various types of credit financing.
