On Wednesday 5 February, the Egyptian government signed two agreements with the Islamic Development Bank Group, securing USD 1.6 billion (EGP 80 billion) in funding dedicated to trade financing and the development of the private sector. The agreements were formalized during a ceremony attended by prominent officials, including Kamel Al-Wazir, Deputy Prime Minister for Industrial Development, and Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation. The financing package consists of USD 1.5 billion (EGP 75 billion), allocated to address pressing needs within the country. Of this amount, USD 800 million (EGP 40 billion) is dedicated for the Egyptian General Petroleum Corporation (EGPC) to secure energy and petroleum supplies. Meanwhile, USD 700 million (EGP 35 billion) will be directed to the General Authority for Supply Commodities to enhance food security for the population. Additionally, the Islamic Corporation for the Development of the Private Sector (ICD) has committed USD 100 million (EGP 5 billion) to support financial institutions in funding small and medium-sized enterprises (SMEs) and larger private sector companies. Beyond direct financing, the agreements emphasize the importance of investment and advisory services in Islamic Sukuk financing for both publicContinue reading "Egypt Secures USD 1.6 Billion Funding Boost from Islamic Development Bank"
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