Photo courtesy of Egypt's cabinet
The 2026 Annual Work Programme allocates $700 million to the General Authority for Supply Commodities and $800 million to the Egyptian General Petroleum Corporation to help secure essential food commodities and petroleum products.
The agreement was signed during a ceremony attended by Ahmed Rostom, Egypt's minister of planning and economic development and Egypt’s governor at the Islamic Development Bank Group, and ITFC CEO Adeeb Yousuf Al-Aama.
Speaking during the event, Minister Rostom said the financing programme comes within the framework agreement between Egypt and the corporation, reflecting continued cooperation to support the country’s strategic commodity needs.
He described the joint financing programmes with the ITFC as a successful model of effective partnership that supports Egypt’s efforts to achieve sustainable economic development and maintain economic and social stability.
Rostom added that the Egyptian economy continues to show resilience and stable economic performance indicators despite mounting regional and international challenges, attributing this to government measures aimed at preserving macroeconomic stability.
He stressed that food and energy security remain top priorities for the Egyptian state as key pillars of sustainable development and resilience against global shocks.
The minister also highlighted the long-standing partnership between Egypt and the ITFC, which dates back to 2008 and has resulted in a cumulative cooperation portfolio worth $24.8 billion through five framework agreements.
The latest framework agreement, signed in 2018 and renewed in 2022 for an additional five years, has helped provide innovative financing mechanisms for multiple development sectors, according to the ministry.
Rostom said cooperation between Egypt and the ITFC has extended beyond financing to include trade development, export promotion, women’s economic empowerment, technical support, training programmes, and efforts to strengthen intra-Arab and intra-African trade.
He also reaffirmed Egypt’s commitment to cooperation through the Arab-Africa Trade Bridges Programme, which aims to support Egyptian exports, particularly to African markets, and deepen regional economic integration.
$800 mln energy financing deal secured
Egypt has secured $800 million in trade financing for its energy sector under a new agreement between the Egyptian General Petroleum Corporation and the ITFC, amid efforts to strengthen domestic fuel supplies and expand regional energy cooperation.
The financing programme, signed on Wednesday, forms part of the annual work programme between Egypt and the ITFC, a member of the Islamic Development Bank Group.
The agreement was signed by Al-Aama and Amal Tantawy, EGPC vice president for financial and economic affairs, in the presence of Petroleum and Mineral Resources Minister Karim Badawi and several cabinet ministers.
Speaking after the signing ceremony, Badawi said the agreement reflects growing confidence among regional and international financing institutions in the Egyptian economy and its ability to continue implementing development plans, particularly in the energy sector.
He added that continued cooperation with the ITFC underscores the attractiveness of the Egyptian market and the government’s efforts to maintain a stable investment climate.
Badawi also praised Egypt’s strategic energy relations with Saudi Arabia and commended Saudi Energy Minister Abdulaziz bin Salman Al Saud for supporting bilateral and regional energy cooperation.
The minister highlighted the strategic importance of the SUMED pipeline project, describing it as a successful model of Arab integration due to its role in linking the Arabian Gulf with the Mediterranean and supporting regional energy security.
He noted that the SUMED area’s advanced infrastructure helps secure supplies of petroleum products and liquefied natural gas for the domestic market.
Badawi also said discussions with the ITFC covered opportunities to expand cooperation beyond current financing programmes into renewable energy, green energy, and liquefied natural gas projects.
For his part, Al-Aama said the corporation values its strategic partnership with Egypt, noting that total financing provided to EGPC has reached nearly $16 billion over the years.
He added that the financing has contributed to strengthening Egypt’s energy supplies and supporting economic development efforts.
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