Egypt’s ITFC financing helped import 19 mln tons of commodities; supply minister says

Egypt said on Wednesday that financing from the International Islamic Trade Finance Corporation (ITFC) had helped the country import about 19 million tons of strategic commodities, with total funding under the partnership reaching $8.5 billion.

Supply Minister Sherif Farouk said the financing programme supported imports of wheat, oils, sugar, corn, meat, and poultry, helping Egypt maintain strategic reserves amid recent global market disruptions.

Egypt, one of the world’s largest wheat importers, has sought to strengthen food security in recent years following supply chain disruptions and volatility in global food and energy markets.

The minister’s remarks came during the signing of the 2026 annual work programme between Egypt and ITFC, a member of the Islamic Development Bank Group.

Farouk said the programme builds on cooperation between Egypt and ITFC under a framework agreement first signed in January 2018 and renewed in 2022 for an additional five years.

He said the partnership had helped Egypt manage challenges linked to the COVID-19 pandemic, higher shipping costs, and geopolitical tensions.

Farouk added that the cooperation also supports efforts to strengthen Egypt’s food security system, including expanding storage capacity, improving logistics and supply chains, and advancing digital commodity management systems.

The annual programme forms part of broader cooperation between Egypt and ITFC to support trade financing across strategic sectors.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser