Latest news with #AFTIAS2.0

Al-Ahram Weekly

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

Egypt has secured $1.8 billion in trade financing from the International Islamic Trade Finance Corporation (ITFC) so far this year, the Ministry of Planning, Economic Development and International Cooperation said on Tuesday. 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, Rania Al-Mashat, and the ITFC's CEO, Hani Salem Sonbol, 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. Sonbol praised Egypt's progress, describing the partnership as 'strategic' and pledging continued support. 'We look forward to scaling our joint efforts to create more inclusive and resilient trade ecosystems,' he said. The two sides also reviewed ongoing initiatives, including the second phase of the STEP 2 export training programme, the Women in Trade initiative under the regional AFTIAS 2.0 programme, and funding for research centres and training institutes designed to enhance Egypt's export capacity and innovation potential. The meeting concluded with a commitment to increase coordination between ITFC and ministry technical teams to co-design development projects and maximise impact. 'This partnership is no longer just about financing—it's about creating a development platform that supports Egypt's long-term transformation and competitiveness,' Al-Mashat said. Follow us on: Facebook Instagram Whatsapp Short link: