{"id":546970,"date":"2022-06-05T04:07:45","date_gmt":"2022-06-05T04:07:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/were-closing-in-on-usd-3-5-bn-from-the-itfc-world-bank-to-help-with-food-and-energy\/"},"modified":"2022-06-05T04:07:45","modified_gmt":"2022-06-05T04:07:45","slug":"were-closing-in-on-usd-3-5-bn-from-the-itfc-world-bank-to-help-with-food-and-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/were-closing-in-on-usd-3-5-bn-from-the-itfc-world-bank-to-help-with-food-and-energy\/","title":{"rendered":"We\u2019re closing in on USD 3.5 bn from the ITFC + World Bank to help with food and energy"},"content":{"rendered":"

<\/a> Egypt is finalizing some USD 3.5 bn in fresh financing from multilateral <\/strong>lenders to shore up food and energy security<\/strong> amid ongoing disruptions to global markets.<\/p>\n

First up: We\u2019re getting that USD 3 bn from the ITFC.<\/strong> The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its financing agreement with Egypt to USD 6 bn from USD 3 bn to help us meet our food and energy needs, according to a statement (pdf)<\/a>. International Cooperation Minister Rania Al Mashat and ITFC CEO Hani Sonbol inked the agreement<\/a> over the weekend on the sidelines of the Islamic Development Bank\u2019s 2022 annual meetings.<\/p>\n

Meanwhile: We\u2019re lining up some <\/strong>USD 500 mn<\/strong> from the World Bank<\/strong> under a food security<\/a>programme (pdf)<\/a> that is pending approval from the institution\u2019s board. The bank would provide USD 380 mn to import up to 700k tons of wheat for the bread subsidy program, USD 117.5 mn to raise silo capacity, increase the use of high-yielding types of wheat, and improve climate resilience, and USD 2.5 mn to manage the project.<\/p>\n

BACKGROUND: Egypt <\/strong>signed a USD 3 bn agreement<\/a><\/strong> with the ITFC in January 2018 <\/strong>to fund the purchase of basic goods and commodities, including petroleum, wheat, and other subsidized food staples. Since then, Egypt has taken out more loans from the corporation, including USD 1.5 bn<\/a> earlier this year and USD 2.3 bn late last year, both to fund commodity imports.<\/p>\n

The IFTC also wants to help us export<\/strong>, inking three agreements over the weekend to set up an export academy<\/a>, organize trade missions<\/a> to Africa, and boost SME exports to the rest of the continent. The news comes as Egypt aims<\/a> increase exports to USD 100 bn a year by 2025 as part of the government\u2019s bid to grow the private sector\u2019s role in the economy. Priority areas include textiles, metals, and construction materials<\/a>. Exports hit a record USD 32 bn<\/a> in 2021, up from USD 25.4 bn the year before.<\/p>\n

ALSO AT THE ISDB MEETING- <\/strong><\/p>\n

FAB Egypt<\/strong> inked a three-year agreement with IsDB\u2019s private sector development arm<\/a> to explore joint financing and investment in projects here.<\/p>\n

The IsDB\u2019s Islamic Corporation for the Ins. of Investment and Export Credit<\/a><\/strong> signed an MoU with Elsewedy Electric<\/strong> to accelerate climate action<\/strong> in the IsDB\u2019s member countries, and an agreement with the Federation of Egyptian Industries<\/strong> to increase trade, investment and local training. (Statement, pdf<\/a>)<\/p>\n

SOUND SMART- This was the first time since 1991 that the IsDB has held its meetings in <\/strong>Egypt.<\/strong> The bank has helped finance some 367 projects in sectors including energy, education, health and industry over a five-decade-long relationship.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt is finalizing some USD 3.5 bn in fresh financing from multilateral lenders to shore up food and energy security amid ongoing disruptions to global markets. First up: We\u2019re getting that USD 3 bn from the ITFC. The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its financing agreement with Egypt to […]<\/p>\n","protected":false},"author":1,"featured_media":546971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7305],"tags":[317,152,72,845],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-elsewedy-electric","tag-enterpriseam","tag-international-islamic-trade-finance-corporation","wpautop","entry"],"acf":{"mongo_id":"1bbb7936-ae6f-4b29-80b5-4ac3132946f5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/131.jpg","photo_position":"above","related_issue":[546966],"teaser":"","voice_url":""},"yoast_head":"\nWe\u2019re closing in on USD 3.5 bn from the ITFC + World Bank to help with food and energy - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/were-closing-in-on-usd-3-5-bn-from-the-itfc-world-bank-to-help-with-food-and-energy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We\u2019re closing in on USD 3.5 bn from the ITFC + World Bank to help with food and energy\" \/>\n<meta property=\"og:description\" content=\"Egypt is finalizing some USD 3.5 bn in fresh financing from multilateral lenders to shore up food and energy security amid ongoing disruptions to global markets. 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The financing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":579035,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/23\/another-usd-1-5-bn-from-the-itfc-for-energy-and-commodities-imports\/","url_meta":{"origin":546970,"position":1},"title":"Another USD 1.5 bn from the ITFC for energy and commodities imports","author":"enterpriseam admin","date":"23 January 2023","format":false,"excerpt":"More imports money from the ITFC: The government has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund energy and basic commodities imports, according to a tweet by CNBC Arabia citing ITFC CEO Hani Sonbol. Sonbol yesterday met with the planning\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/387.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599373,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/26\/egypt-to-sign-second-tranche-of-trade-financing-agreement-with-itfc-in-july\/","url_meta":{"origin":546970,"position":2},"title":"Egypt to sign second tranche of trade financing agreement with ITFC in July","author":"enterpriseam admin","date":"26 June 2019","format":false,"excerpt":"EXCLUSIVE- Egypt to sign second USD 1.5 bn tranche of trade financing agreement with ITFC in July: The Egyptian General Petroleum Corporation (EGPC) and General Authority for Supply Commodities (GASC) are expected to sign contracts for the USD 1.5 bn second tranche of a USD 3 bn trade finance facility\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543749,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/egypt-signs-usd-1-5-bn-funding-agreement-for-basic-imports-with-itfc\/","url_meta":{"origin":546970,"position":3},"title":"Egypt signs USD 1.5 bn funding agreement for basic imports with ITFC","author":"enterpriseam admin","date":"16 February 2022","format":false,"excerpt":"The ITFC is lending us another USD 1.5 bn for petroleum + commodities imports: Egypt has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund imports of petroleum and basic commodities, ITFC CEO Hani Sonbol told Bloomberg Asharq. The agreement earmarks\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596685,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/04\/itfc-floats-second-trade-financing-agreement-with-egypt-in-2020\/","url_meta":{"origin":546970,"position":4},"title":"ITFC floats second trade financing agreement with Egypt in 2020","author":"enterpriseam admin","date":"4 July 2019","format":false,"excerpt":"ITFC floats USD 3 bn trade financing agreement with Egypt in 2020: The International Islamic Trade Finance Corporation (ITFC) expects to reach a new trade financing agreement with Egypt worth USD 3 bn in 2020, CEO Hany Sonbol said, according to Al Mal. Sonbol told us last week that the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635036,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/31\/investment-ministry-and-itfc-sign-usd-3-bn-agreement-for-essential-commodities\/","url_meta":{"origin":546970,"position":5},"title":"Investment Ministry and ITFC sign USD 3 bn agreement for essential commodities","author":"enterpriseam admin","date":"31 January 2018","format":false,"excerpt":"Egypt to receive USD 3 bn from ITFC: Investment Minister Sahar Nasr has secured USD 3 bn in finance from the International Islamic Trade Finance Corp (ITFC), according to a ministry statement (pdf). The funding will be used to finance the purchase of basic goods and commodities, such as petroleum,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546970"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546970\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546971"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546970"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546970"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}