The first agreement, valued at $1.5 billion, was established with the International Islamic Trade Finance Corporation . This funding is designated to support the Egyptian General Petroleum Corporation with $800 million and the General Authority for Supply Commodities with $700 million. The primary objective is to bolster Egypt's food security by ensuring the availability of essential commodities and to enhance energy accessibility through the supply of petroleum products.
The second agreement involves a $100 million financing deal with the Islamic Corporation for the Development of the Private Sector . This initiative aims to provide financial support to Egyptian institutions, focusing on small and medium-sized enterprises and large private sector companies operating in strategic industries. The programme encompasses direct investments, advisory services on Islamic sukuk, and capacity-building initiatives to strengthen expertise in Islamic financing.
Minister Al-Mashat emphasized that these new partnerships reinforce collaborative efforts to enhance food security, provide strategic commodities, empower the private sector, and support exporters in accessing international markets. She expressed gratitude to both the ITFC and ICD for their continued support of Egypt's economic development.
Kamel Al-Wazir highlighted the vital role of the ITFC and ICD in supporting Organisation of Islamic Cooperation member countries through innovative financial solutions and development projects. He underscored the importance of collaborative efforts to support key sectors such as industry and transport.
Sherif Farouk noted that the allocation of $700 million from the ITFC to the GASC reflects the institution's commitment to supporting the government's efforts to achieve food security and fulfil its obligations to citizens. He added that this cooperation is crucial for securing strategic commodity needs and ensuring market stability.