Egyptian Minister of Supply and Internal Trade, Dr. Sherif Farouk, recently held a meeting with Adib Youssef Al-A'ma, CEO of the International Islamic Trade Finance Corporation, a member of the Islamic Development Bank Group. The meeting took place during Al-A'ma's visit to Egypt and focused on exploring ways to strengthen joint cooperation in providing necessary financing to secure the country's basic commodities and support food security efforts.
The discussion covered aspects of cooperation between the International Islamic Trade Finance Corporation and the General Authority for Supply Commodities in financing grain and oil purchases. This was to be done in coordination with Egypt's Future Egypt for Sustainable Development entity. Both parties also examined mechanisms to expand financing programs aimed at supporting the food security sector.
The meeting also touched on developing strategic stock management tools and supply chains. This would enhance the efficiency of the commodity management system and ensure a continuous flow of goods in local markets. Dr. Sherif Farouk emphasized the importance of the strategic partnership with the International Islamic Trade Finance Corporation as a key supporter of Egypt's food security system.
The Minister highlighted the ministry's keenness to enhance cooperation and benefit from the corporation's financing programs. These programs support the needs of the General Authority for Supply Commodities for basic commodities. This enhances the role of securing a safe and sustainable strategic stock and improves the efficiency of the commodity management and supply system.
Adib Youssef Al-A'ma expressed the corporation's pride in its strategic partnership with Egypt. He also stated their commitment to continuing and expanding their financing and technical programs to support Egypt's food supply chains. The corporation approved around $1.3 billion in 2026 for the General Authority for Supply Commodities. This supports Egypt's efforts to secure its needs for basic commodities and enhance food security.
The two parties agreed on the importance of continued coordination and consultation in the coming phase. They aim to build on the existing partnership to develop cooperation and financing mechanisms. This will support Egypt's efforts to achieve sustainable food security, stabilize markets, and meet citizens' needs.
The meeting concluded with a mutual understanding of the need for sustained collaboration. Both parties are committed to working together to address food security challenges and ensure the availability of essential goods in Egypt.
Key points
- The International Islamic Trade Finance Corporation approved $1.3 billion in 2026 to support Egypt's food security efforts.
- The partnership aims to enhance the efficiency of Egypt's commodity management system and supply chains.
- The collaboration supports Egypt's goal of achieving sustainable food security and stabilizing markets.
