The deal was announced by the Ministry of Planning, Economic Development, and International Cooperation announced on Tuesday.
The signing also included the annual work program for the Islamic Corporation for the Development of the Private Sector (ICD) in Egypt for 2025.
The action aligns with the government’s plan to enhance private sector participation in economic activities.
Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Sherif Farouk, Minister of Supply and Internal Trade, and Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, attended this event.
This program will provide financing of $1.6 billion, with $800 million allocated to the Egyptian General Petroleum Corporation (EGPC) and $700 million to the Egyptian Supply Commodities Authority, enhancing the country’s capacity to face economic and social challenges.
It will also contribute to supporting food security in Egypt by providing essential and strategic commodities and ensuring adequate oil supplies to boost the availability of petroleum products and energy in the Egyptian market.
Meanwhile, the annual work program for the ICD was signed by Hani Sonbol, the Acting CEO of the ICD, which will allocate $100 million to financial institutions for financing small and medium-sized enterprises, as well as funding large private sector companies operating in strategic sectors that are crucial for economic development.
The program also includes participation in direct investments and providing consulting services in the Islamic sukuk sector for both the government and private sectors, as well as enhancing the capacities of workers in this field to align with the state’s direction toward diversifying funding tools to boost investment and improve production, employment, and growth indicators in the Egyptian economy.
The annual work program for the ITFC was signed by Hani Salem Sonbol, the CEO of the corporation, Hossam Ahmed Al-Jarahi, Vice Chairman of the General Authority for Supply Commodities, and Amal Tantawy, Deputy CEO for Financial and Economic Affairs at the Egyptian General Petroleum Corporation (EGPC).

Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, who is also acting as Egypt's Governor at the Islamic Development Bank, emphasized that the new agreements represent a strategic step that strengthens the ongoing developmental partnership between Egypt and the Islamic Development Bank, resulting in many fruitful programs over the years.
Al-Mashat also highlighted the effective role of the ITFC in supporting foreign trade, particularly the export sector, with strategic programs aimed at enhancing international trade, including the "Arab-Africa Trade Bridges" program and the "Women in Global Trade - Phase Two" (She Trades 2) project, among others.
The new program with the IDC includes providing consulting services in the sukuk sector to support government efforts in diversifying funding sources and attracting foreign investments.
She confirmed the continuation of the successful partnership through the annual work program for the ICD in Egypt for 2025, which will support the private sector in various aspects, with the corporation making $100 million available for financial institutions to finance small and medium-sized enterprises, as well as funding large private sector companies operating in strategic sectors that are significant for economic development, especially in the industrial and agricultural sectors targeted by the structural reform plan to enhance their contribution to the GDP.

Minister Al-Wazir stated that the ITFC and ICD have played a vital role over the years in supporting member countries of the Organization of Islamic Cooperation by providing innovative financial solutions and supporting developmental projects that stimulate economic growth, create job opportunities, and enhance the role of the private sector, especially small and medium enterprises.
On his side, Minister Farouk remarked that the allocation of $700 million from the ITFC for the General Authority for Supply Commodities under the annual program 2025 will support government efforts to achieve food security and fulfil the state's obligations to its citizens.
He added that the cooperation is not merely a financial commitment but serves as a mainstay for the government's efforts to secure its strategic needs for essential commodities and enhance the Ministry of Supply and Internal Trade's capacity to address immediate challenges and ensure market stability.
For his part, Sonbol confirmed that the ITFC will work in 2025 to increase cooperation with its partners and offer new programs and projects that empower women, youth, small and micro enterprises, and exporters.
He noted that the ICD will work in 2025 to enhance partnerships to support developmental plans in Egypt by providing new financing for the Egyptian private sector and Egyptian banks to support small and medium enterprises.

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