September 6, 2018 / 3:27 PM / 2 months ago

UPDATE 1-Egypt to get $1 bln for basic goods from Islamic Bank - ministry

(Adds details, background)

CAIRO, Sept 6 (Reuters) - The International Islamic Trade Finance Corporation (ITFC) will provide Egypt with $1 billion to support the provision of basic goods, the Egyptian investment ministry said on Thursday.

The financing is part of a $3 billion agreement with the ITFC, part of the Islamic Development Bank (IDB), to support the supply of commodities to 67 million of Egypt’s more than 90 million citizens, the ministry said in a statement.

Egypt’s economy was battered after a 2011 uprising ushered in political instability that initially scared off tourists and foreign investors.

The import-dependent country has shown signs of recovery in recent months amid tough reforms including cuts to energy subsidies, part of a $12 billion International Monetary Fund loan agreement.

Earlier this week Egypt signed contracts with two global banks to hedge against fluctuating global oil prices.

The investment ministry said the ITFC financing was part of a new cooperation strategy between Egypt and the IDB lasting until 2021.

It did not give details on the terms of the financing. (Reporting by Ehab Farouk, writing by Aidan Lewis Editing by Kirsten Donovan and Catherine Evans)

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