ITFC and Egypt Sign $1.5 Billion Deal to Boost Economic Growth, Energy, and Food Security

“The ITFC's funding is not just a financial commitment; it is a foundation for Egypt’s ability to secure strategic commodities, ensure supply sustainability, and respond to emergency challenges,” Dr. Farouk stated.

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed its 2025 annual work program with the Arab Republic of Egypt, securing a $1.5 billion financing agreement to enhance the country’s energy, food security, and SME development. This initiative is part of a larger five-year framework agreement valued at $6 billion, reinforcing Egypt’s economic growth by supporting critical sectors, exporters, and the empowerment of women and youth.

The financing program is set to:

• Support trade finance operations in energy and food security through partnerships with the Egyptian General Petroleum Corporation (EGPC) and the General Authority for Supply Commodities (GASC).
• Provide financial and technical assistance to small and medium-sized enterprises (SMEs) to improve their market access and operational capabilities.
• Implement initiatives under the Arab Africa Trade Bridges (AATB) Program, the Aid for Trade Initiative for Arab Countries (AfTIAS 2.0), and other programs designed to boost Egypt’s trade and export capacity.
• Enhance the competitiveness of Egypt’s industrial sector and develop transportation and logistics infrastructure.
• Continue ITFC’s youth and women empowerment programs through financial inclusion, training, and entrepreneurship initiatives.

Signing Ceremony and Government Endorsement

The official signing ceremony took place in Cairo, attended by high-ranking Egyptian officials, including:

• H.E. Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Affairs and Minister of Industry and Transport.
• H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Governor of Egypt at the Islamic Development Bank.
• H.E. Dr. Sherif Farouk, Minister of Supply and Internal Trade.
• Eng. Hani Salem Sonbol, CEO of ITFC and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD).
• Mr. Hossam El-Garrahi, Vice Chairman of the General Authority for Supply Commodities (GASC).
• Mrs. Amal Tantawy, Executive Vice President for Financial and Economic Affairs at the Egyptian General Petroleum Corporation (EGPC).

During the event, Eng. Kamel Al-Wazir emphasized Egypt’s commitment to strengthening industrial, transportation, and logistics infrastructure, highlighting ITFC’s significant role in supporting Organization of Islamic Cooperation (OIC) member states through innovative financial solutions.

“The signing of today’s annual work program represents a strategic step forward, strengthening our partnership with ITFC and opening new horizons for cooperation in manufacturing, infrastructure projects, and logistics services,” he stated.

Food Security and Energy Development as Key Priorities

With $700 million allocated to the General Authority for Supply Commodities (GASC) under this agreement, Dr. Sherif Farouk, Minister of Supply and Internal Trade, stressed ITFC’s critical role in ensuring food security and stabilizing Egypt’s market for essential goods.

“The ITFC's funding is not just a financial commitment; it is a foundation for Egypt’s ability to secure strategic commodities, ensure supply sustainability, and respond to emergency challenges,” Dr. Farouk stated.

Furthermore, the agreement ensures the continued provision of petroleum products to Egypt through EGPC, reinforcing the country’s energy security and economic stability.

Expanding Trade and Export Opportunities

H.E. Dr. Rania Al-Mashat described the agreement as a continuation of a long-standing collaboration between Egypt and ITFC, which has provided over $18.7 billion in financing to Egypt since 2008.

“This program not only supports Egypt’s food security and energy needs, but also plays a pivotal role in expanding export markets for Egyptian businesses,” she said. “By strengthening SMEs and providing financial assistance, we are ensuring that Egyptian businesses can thrive in global markets.”

ITFC’s Ongoing Commitment to Egypt’s Development

Eng. Hani Salem Sonbol, CEO of ITFC, reiterated the institution’s commitment to Egypt’s sustainable economic growth, emphasizing new initiatives in 2025 focused on SMEs, women entrepreneurs, and youth employment.

“We are thrilled to deepen our partnership with Egypt, bringing innovative trade finance solutions that will empower businesses, drive exports, and create employment opportunities,” Sonbol said. “Our mission is to facilitate economic resilience and long-term growth by ensuring that key sectors receive the necessary financial support and technical expertise.”

ITFC’s Longstanding Impact in Egypt

Since 2008, ITFC has played a vital role in Egypt’s development, providing:

• $18.7 billion in financing, supporting food security, energy, and SME growth.
• Extensive technical assistance programs to train Egyptian businesses and improve export readiness.
• Strategic partnerships through the Aid for Trade Initiative for Arab Countries (AfTIAS 2.0) and Arab Africa Trade Bridges (AATB) Program, which promote cross-border trade and investment.

A Long-Term Vision for Economic Growth

The 2025 ITFC-Egypt work program represents a milestone in Egypt’s economic transformation by securing essential financing for energy, food security, and industrial development, while simultaneously fostering entrepreneurship and market expansion.

As Egypt continues to navigate economic challenges and global trade disruptions, this partnership with ITFC reinforces the country’s resilience and commitment to sustainable growth. With the five-year $6 billion framework agreement, ITFC aims to bolster Egypt’s economic potential, support key industries, and enhance global trade competitiveness—making it a crucial player in the country’s future economic success.