Egypt signed on Tuesday the annual work programmes with the two financial arms of the Islamic Development Bank Group (IsDB); the International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for the Development of the Private Sector (ICD). The agreements, valued at $1.6 billion, reinforce Egypt's commitment to enhancing trade, food security, and private sector financing. The signing ceremony was witnessed and attended by Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat alongside senior government officials, including Deputy Prime Minister for Industrial Development, Kamel El-Wazir and Minister of Supply and Internal Trade, Sherif Farouk. ITFC Programme to Strengthen Energy and Food Security The ITFC agreement will provide Egypt with $1.5 billion in financing, allocating $800 million to the Egyptian General Petroleum Corporation (EGPC) and $700 million to the General Authority for Supply Commodities (GASC). The funding aims to ensure the stable supply of petroleum products and essential food commodities, reinforcing Egypt's economic resilience and addressing pressing social challenges. Minister Al-Mashat highlighted the ITFC's pivotal role in supporting Egypt's foreign trade and food security, with ongoing programmes like the Arab-Africa Trade Bridges and the Step Towards Export Initiative. She emphasised that Egypt's long-standing partnership with ITFC has resulted in $18.7 billion in funding since 2008, directly contributing to the country's economic stability. ICD Programme to Support Private Sector and SME Development The ICD agreement for 2025 commits $100 million to support financial institutions financing small and medium-sized enterprises (SMEs) and large private sector companies operating in strategic industries. The programme also includes advisory services for the Islamic sukuk sector, aligning with Egypt's strategy to diversify financing tools and attract foreign investments. This initiative is expected to stimulate job creation, enhance production capacity, and drive economic growth. Minister Al-Mashat stressed that strengthening private sector participation remains a top government priority, and the ICD's financing will provide crucial support to key industries such as manufacturing and agriculture, vital components of Egypt's structural reform agenda. Deputy Prime Minister El-Wazir lauded the continued collaboration between Egypt and the IsDB Group, emphasising that innovative financial solutions from ITFC and ICD play a crucial role in supporting Egypt's industrial and transport sectors. These agreements reaffirm Egypt's commitment to fostering sustainable economic growth and empowering SMEs, he stated. Minister of Supply Farouk echoed this sentiment, noting that the $700 million allocated to GASC will significantly enhance Egypt's ability to secure essential food supplies and maintain market stability, reinforcing the Ministry of Supply's efforts to meet national needs. Hani Salem Sonbol, CEO of ITFC and Acting CEO of ICD, reaffirmed ITFC's commitment to deepening its partnership with Egypt, highlighting that the corporation will continue to support women, youth, SMEs, and exporters through new programs in 2025. He also emphasised ICD's role in expanding funding for the Egyptian private sector and financial institutions to support economic growth initiatives. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
