Sherif Farouk, Egypt’s Minister of Supply and Internal Trade, held a meeting today with Adeeb Yousuf Al Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), at the Ministry’s office in Alamein. The meeting focused on expanding their partnership and exploring new opportunities for enhanced cooperation.
During the discussion, Minister Farouk emphasized the long-standing and successful collaboration between Egypt’s Ministry of Supply, represented by the General Authority for Supply Commodities, and the ITFC. He highlighted the corporation’s significant role in financing the import of essential goods and bolstering the country’s strategic stockpiles. Farouk also underscored the importance of building on this solid foundation and finding new ways to strengthen their partnership moving forward.
In response, Adeeb Yousuf Al Aama praised the ITFC-Ministry collaboration, noting that the total trade finance extended to Egypt’s supply sector has surpassed $37.5bn since the partnership began. This financial support has primarily facilitated the import of crucial food commodities. Al Aama also highlighted several key milestones in the partnership, including the signing of various country programs and annual agreements, most notably a $3bn agreement that significantly boosted Egypt’s ability to secure essential goods.
Furthermore, Al Aama pointed out that the ITFC’s collaboration with Egypt extends beyond trade finance. The corporation has actively supported initiatives such as “She Trades Egypt”, a programme aimed at empowering women economically, and contributed to the AfTIAS initiative, which seeks to facilitate trade across Arab nations. These efforts reflect the ITFC’s commitment to inclusive development and its broader mission of enhancing Egypt’s trade and productive capacities.
Both parties expressed optimism about the future of their partnership, with a shared focus on creating new avenues for collaboration that will benefit Egypt’s economy and support its ongoing development goals.
