Egypt secures $1.5bn ITFC financing for food and fuel Imports

Egypt has signed a $1.5 billion annual financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund imports of essential food commodities and petroleum products.

Under the 2026 Annual Work Program, the Egyptian General Petroleum Corporation (EGPC) will receive $800 million, while the General Authority for Supply Commodities (GASC), which manages state food procurement, will receive $700 million.

Planning and Economic Development Minister Ahmed Rostom said the agreement reinforced Egypt's ability to secure basic goods at a time of economic pressure.  He added that the ITFC is a strategic development partner for Egypt that supports the country in providing basic food commodities and petroleum products, backing food and energy security, particularly amid current economic challenges and global instability.

The deal extends a relationship dating to 2008, under which Egypt and the ITFC have signed five framework agreements worth a combined $24 billion. The current framework, first agreed in 2018 and renewed in 2022 for a further five years, covers financing across multiple development sectors as well as trade development, technical assistance, and capacity-building in export-related fields.