Egypt secures $1.8 bln trade finance from ITFC to support energy, food needs

The funds include $1 billion allocated to the Egyptian General Petroleum Corporation (EGPC) and $814.2 million to the General Authority for Supply Commodities (GASC), reflecting Egypt’s reliance on the ITFC to meet its energy and essential goods requirements.

The announcement followed a meeting in Cairo between Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, and the ITFC’s CEO Eng. Adeeb Y. Alaama, where both sides pledged to deepen cooperation across key sectors, including energy, trade, food security, and digital development.

“The ITFC continues to be a vital partner in supporting Egypt’s trade and economic resilience,” said Al-Mashat. “This year’s financing reflects the strength of our relationship and the alignment between national development goals and regional trade integration.”

Since its establishment, the ITFC has extended a total of $22.2 billion to Egypt—$20.5 billion since the body’s formation and $1.7 billion beforehand, making Egypt one of its largest and most consistent beneficiaries.

The Cairo talks also touched on Egypt’s upcoming National Narrative for Economic Development, a reform roadmap aimed at boosting exports, industrial growth, job creation, and foreign direct investment. Al-Mashat said economic reforms introduced since March 2024 had helped stabilize Egypt’s macroeconomic environment and improve conditions for investment.