Egypt raises stake in International Islamic Trade Finance Corp’s capital

Egyptian Cabinet has endorsed Wednesday a plan to raise the country’s stake in the International Islamic Trade Finance Corporation (ITFC)’s capital by 240 shares worth $2.824 million.

The International Islamic Trade Finance Corporation (ITFC), a member of Islamic Development Bank (IDB), aims to develop and expand intra-trade among the member countries of the Organisation of Islamic Cooperation (OIC).

Till date, ITFC has secured around $5 billion for Egypt, since it started its operations in the country.

The capital of the ITFC is $3 billion distributed to 300,000 shares.