Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation (ITFC).

The deal aims to fund Egypt's trade needs, including for importing energy products and essential commodities, CNBC Arabia wrote on Twitter, citing the ITFC’s chief executive officer.

Last year Egypt signed a similar agreement, also worth $1.5 billion, with the corporation, which is headquartered in Jeddah in Saudi Arabia and often funds Egypt’s commodities imports, including grains and petroleum.