CAIRO – Egyptian Minister of Petroleum and Mineral Wealth Tarek El Molla conferred on Monday with Chief Executive Officer of International Islamic Trade Finance Corporation (ITFC) Hani Salem Sonbol on the annual funding programme for 2022 within the framework of an agreement that was signed with the Egyptian government in 2018.
In statements on Monday, Molla said the oil sector tops the funding targets of ITFC through the Egyptian General Petroleum Corporation (EGPC) for the sake of providing needs of the local market from oil products, noting that cooperation with ITFC has been a successful model of soft loan funding over the past few years.
He reiterated that the commitment of the oil sector to fulfill all its pledges as scheduled was highly praised by ITFC.
Sonbol, for his part, praised the constructive cooperation with the Egyptian oil sector, asserting the ITFC’s resolve to offer more funding facilitation to this sector in view of the rapid changes in the oil market and amid the Russian-Ukrainian crisis which has imposed an inflation pressure on oil prices and products.
