Egypt secures $1.6bn financing from IsDB

Egypt has secured $1.6 billion in loans from Saudi Arabia-based Islamic Development Bank (IsDB), to drive the country’s economic growth and bolster its private sector.

The International Islamic Trade Finance Corporation (ITFC), a member of the IsDB, has signed a $1.5 billion annual program with Egypt, which is part of a five-year framework valued at $6 billion, to enhance Egypt's growth across critical sectors including energy, food security, and small and medium-sized enterprises (SMEs). Of the $1.5 billion, $700 million from the ITFC will be allocated to the General Authority for Supply Commodities. 

Since 2008, ITFC has committed over $18.7 billion to Egypt, financing key sectors such as energy, food security, and supporting SMEs and women entrepreneurs.

Egypt has also secured $100 million in new financing in the form of a country work program signed with the Islamic Corporation for the Development of the Private Sector (ICD), IsDB’s private sector arm. The funding will be allocated to financial institutions to finance SMEs as well as large private sector companies operating in strategic sectors, particularly industrial and agricultural, ICD said in a statement. 

ICD, since inception, has provided Egypt with a total of $315 million in financing, including support for private sector companies, financial lines for banks, and direct investments in key sectors.