In a move that underscores Egypt’s deepening financial and trade cooperation with international partners, Dr. Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, welcomed Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC), in Cairo this week. The meeting aimed to explore avenues for strengthening the strategic partnership between Egypt and the ITFC, particularly in energy, food security, trade facilitation, and digital transformation.
$1.81 Billion in 2024 Trade Financing
During the meeting, Dr. Al-Mashat revealed that total ITFC funding for Egypt in 2024 alone has reached $1.814 billion, reflecting robust institutional cooperation. This includes:
- $1 billion allocated to the Egyptian General Petroleum Corporation, and
- $814.25 million directed to the General Authority for Supply Commodities, a key player in Egypt’s food security apparatus.
The significant financing package is part of a long-standing relationship between Egypt and ITFC, a member of the Islamic Development Bank Group. Since its inception, the ITFC has disbursed $20.5 billion to Egypt, with an additional $1.7 billion provided prior to the establishment of the institution, bringing the cumulative total to $22.2 billion.
Strategic Partner for Egypt’s Commodity Security
Dr. Al-Mashat underscored the ITFC’s role as “a principal partner in the financing of strategic commodities for the Arab Republic of Egypt.” She also emphasized the government’s commitment to updating the framework of cooperation with the ITFC in light of shifting regional and global economic dynamics.
“Our partnership with the ITFC is pivotal for Egypt’s macroeconomic stability and sustainable development. It not only supports critical sectors but also fosters structural transformation,” said Dr. Al-Mashat.
Focus on Structural Economic Reform
A centerpiece of the discussion was Egypt’s forthcoming “National Narrative for Economic Development,” described as an action-oriented roadmap to accelerate Egypt’s structural economic transformation. The initiative will focus on:
- Expanding tradable sectors,
- Attracting foreign direct investment (FDI),
- Supporting industrial development, and
- Strengthening the labor market and employment landscape.
Dr. Al-Mashat highlighted recent economic and structural reforms undertaken since March 2024, aimed at cementing macroeconomic stability and creating a more attractive investment climate.
ITFC Eyes Deeper Cooperation in Training, Trade, and Women Empowerment
CEO Eng. Ayman El-Amy praised Egypt’s strategic role in the region and expressed optimism for future cooperation.
The talks also reviewed the progress of key joint programs, particularly:
- STEP 2 (Training for Export Program),
- Phase II of the “Women in Trade” initiative, part of the “AFTIAS 2.0” regional trade development framework.
Both sides agreed to increase support for planning institutes, research centers, and specialized training hubs, aligning with Egypt’s vision of preparing a new generation of entrepreneurs and export-ready businesses.
Joint Innovation and Continuous Dialogue
At the close of the high-level discussions, both parties committed to ongoing technical engagement through working groups from the Ministry and ITFC. These teams will explore new development initiatives and innovative mechanisms to maximize the mutual benefits of their long-term partnership.
