ITFC increases trade activity in Egypt

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01 July 2010

The Islamic Trade Finance Corporation (ITFC) has increased its activities in Egypt by 138% over 2009 in just the first six months of this year, while also furthering its work with Saudi Export Program.

The International Islamic Trade Finance Corporation (ITFC), an autonomous part of the Islamic Development Bank (IsDB), has arranged a series of trade finance facilities totalling $358 million for the energy sector in Egypt. This marks an increase of more than 138% over 2009’s figures which saw a total of $150 million trade finance operations for Egypt.

Commenting on the overall volume of the ITFC's trade finance operations for Egypt Dr Waheeb Al Wohaib, ITFC CEO, says: "Since the start of 2010 the ITFC has approved $358 million in trade finance operations which has not...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%