The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed its 2025 annual work programme with Egypt. The agreement is valued at $1.5 billion and is part of a five-year framework worth $6 billion.
The programme aims to support key sectors, including energy, food security, and small and medium-sized enterprises (SMEs). The initiative is also focused on boosting economic growth, supporting exporters, and creating job opportunities for youth and women.
Signing ceremony and key officials
The signing ceremony took place in Cairo, with key officials in attendance. Among them were 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.
Read also: Outlook for SMEs in Nigeria: Cautious optimism for 2025
Key focus areas
The programme includes trade finance operations to support energy and food security. It also prioritises SMEs, focusing on projects for the Egyptian General Petroleum Corporation and the General Authority for Supply Commodities.
ITFC’s initiatives include the Arab African Trade Bridges (AATB) Programme, the second phase of the Aid for Trade Initiative for Arab Countries (AfTIAS 2.0), and various programmes supporting exporters and SMEs. The organisation will continue efforts to empower women and youth through targeted initiatives and technical training.
Read also: Lagos introduces tax reforms to support SMEs in 2025
Statements from officials
Lieutenant General Engineer Kamel Al-Wazir stated that the partnership will enhance “transportation infrastructure, update the industrial sector, and improve competitiveness.” He highlighted ITFC’s role in supporting economic growth and job creation.
Dr. Sherif Farouk noted that $700 million will be allocated to the General Authority for Supply Commodities, stating that this support “reflects the institution’s commitment to achieving food security.”
Dr. Rania Al-Mashat explained that ITFC’s support will “enhance the availability of petroleum products and energy” while also strengthening initiatives for exporters and SMEs.
ITFC’s commitment to Egypt
Since 2008, ITFC has provided over $18.7 billion in financing for Egypt’s key sectors. Eng. Hani Salem Sonbol stated, “ITFC is committed to working with Egypt to drive sustainable economic growth” and will introduce new initiatives in 2025 to “empower SMEs, women, and youth.”
