$6 billion.. Al-Sisi amends the financing of importing goods

President Abdel Fattah El-Sisi ratified the first amendment to the framework agreement concluded between the Egyptian government and the International Islamic Trade Finance Corporation.

According to the amendment of the agreement, the financing will be 6 billion US dollars, instead of the 3 billion, which was the agreement signed in Sharm El-Sheikh on June 3, 2022.

The agreement aims to find the necessary ways and means; to ensure close cooperation and coordination of efforts between the government and the institution, and to implement the strategic partnership between the two parties in the field of trade finance.

Importing basic commodities

Under the agreement, the corporation contributes to mobilizing financial resources from international and regional banks and financial institutions to finance the import of basic commodities such as oil, oil and gas products, wheat, food resources and other commodities for the benefit of the Egyptian government, with a guarantee from it.

Golden license

On a connected level, Dr. Mostafa Madbouly, Prime Minister, agreed to grant two companies a "golden license".

The Prime Minister’s decision included that the “single license” include:

• Establishing, operating and managing the project, including building permits and allocating the necessary real estate for the project.

• The single approval is self-executing without the need to take any further action.

• The Investment Authority shall coordinate with the authorities concerned with the activities of the two companies.

Home appliance factory

The first projects to establish and operate a factory for the manufacture of household appliances.

• The project is to manufacture cookers and coolers.

• The factory is located in the industrial zone of the 10th of Ramadan City.

• The first phase of operation of the gas cookers factory will start at the end of 2024.

Consumer durable goods

The second project is to operate a factory for the manufacture and assembly of consumer goods and electrical appliances. Including refrigerators, ovens, washers, dryers, dishwashers, televisions, air conditioning and plastic injection.

• Packaging and assembly in the "Tenth of Ramadan" area. 

• The plant will be commissioned on December 31, 2023.