ITFC and Egypt Sign $1.5 Billion Trade Finance Agreement to Boost Energy, Food Security, and SMEs

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 $1.5 billion in funding.

This agreement is part of a broader five-year framework worth $6 billion, aimed at strengthening Egypt’s key economic sectors, including energy, food security, and small and medium-sized enterprises (SMEs). The initiative will support Egyptian exporters, enhance economic development, and create opportunities for youth and women.

The signing ceremony in Cairo was attended by senior Egyptian officials, including His Excellency Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Affairs and Minister of Industry and Transport; Her Excellency Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation; and His Excellency Dr. Sherif Farouk, Minister of Supply and Internal Trade. The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and Acting CEO of ICD; Mr. Hossam El-Garrahi, Vice Chairman of the General Authority for Supply Commodities; and Mrs. Amal Tantawy, Executive Vice President for Financial and Economic Affairs at the Egyptian General Petroleum Corporation.

ITFC’s 2025 program will provide trade financing to support Egypt’s energy and food security sectors, as well as SMEs. Key beneficiaries include the Egyptian General Petroleum Corporation and the General Authority for Supply Commodities. The program will also advance trade development through initiatives such as the Arab Africa Trade Bridges (AATB) Program, the second phase of the Aid for Trade Initiative for Arab Countries (AfTIAS 2.0), and various programs supporting Egyptian exporters and small businesses. Additionally, ITFC will continue its efforts to empower women and youth through dedicated training and development initiatives.

Since 2008, ITFC has committed over $18.7 billion to Egypt, financing critical sectors and fostering economic growth. This latest agreement reinforces ITFC’s commitment to Egypt’s development, leveraging its trade finance expertise to drive sustainable and inclusive progress.

Engineer Kamel El-Wazir, the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said: "Today, through this partnership, we reaffirm our commitment to developing these vital sectors, ensuring the improvement of transportation infrastructure, updating the industrial sector, and enhancing its competitiveness. ITFC has proven, over the years, its vital role in supporting member countries of the Organization of Islamic Cooperation (OIC) by offering innovative financial solutions and supporting developmental projects that contribute to stimulating economic growth and creating job opportunities." He added: "The signing of today's annual work program represents a strategic step that strengthens our partnership and opens new horizons for cooperation in infrastructure projects, manufacturing, and logistics services."

Dr. Sherif Farouk, Minister of Supply and Internal Trade, said: "The allocation of $700 million from the ITFC to the General Authority for Supply Commodities, within the framework of the institution's annual program for 2025, reflects the institution's commitment to supporting government efforts aimed at achieving food security and fulfilling the state's obligations towards its citizens." He added: "The cooperation with the ITFC has not only been a financial commitment, but also a main pillar in the state's efforts to secure its strategic needs of basic goods, enhance the Ministry of Supply and Internal Trade’s capacity to face emergency challenges, and ensure market stability. This confirms that this partnership represents a true foundation for supporting food security and ensuring sustainability in the supply of basic goods, which positively impacts the life of the Egyptian citizen."

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the Islamic Development Bank, stated that the signing of the annual work program with ITFC represents a new step in the successful development partnership with the Islamic Development Bank (IsDB) Group in general, and the International Islamic Trade Finance Corporation (ITFC) in particular, which has contributed over 17 years to supporting the provision of strategic goods in the Egyptian market. She explained that the institution's work program for 2025 aims to support food security and provide petroleum to the Egyptian General Petroleum Corporation in a way that enhances the availability of petroleum products and energy in the Egyptian market. This partnership also strengthens ongoing programs to encourage exporters and enable them to access foreign markets, as well as enhance efforts in training and developing small and medium-sized enterprises.