In alignment with Egypt’s efforts to achieve economic development and its Vision 2030 sustainable development strategy, the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, continues to play a vital role in supporting the country’s food security plans.
In the first half of 2024, ITFC extended US$1.3 billion of financing to the General Authority for Supply Commodities (GASC) which facilitated the purchase of essential food commodities such as wheat, sugar, cooking oil, rice, corn, and poultry, thereby strengthening the country’s food reserves and contributing to sustainable and inclusive growth.
Commenting on this achievement, Eng. Hani Salem Sonbol, CEO ITFC, stated: “We are pleased of our longstanding partnership and strategic relationship with the Egyptian government, which has flourished over the years.
The last five years have seen unprecedented cooperation between ITFC and GASC, ensuring the provision of essential food commodities to the citizens of Egypt.
This partnership has been instrumental in advancing the sustainable development goals, especially the goal of ensuring access to safe and nutritious food for all Egyptians year-round.
ITFC remains committed to continuing this collaboration with GASC to secure basic food supplies throughout the second half of 2024 and beyond.”
It is noteworthy that since 2019, ITFC made substantial contributions to Egypt’s strategic food stock, providing US$6.6 billion to GASC for the purchase of approximately 15 million tons of wheat, 1.2 million tons of cooking oil, 1,873 million tons of sugar, 395,000 tons of rice, 243,000 tons of corn, 5,000 tons of frozen meat, and 1,000 tons of poultry.
These efforts have helped Egypt navigate global challenges such as the COVID19 pandemic and the repercussions of other ongoing geo-political crisis.
