Cairo, ITFC boost partnership to support, trade finance, food security

The Ministry of Supply and Internal Trade reaffirmed on Thursday its commitment to strengthening international partnerships that support food security and market stability. During a meeting between Minister of Supply and Internal Trade,Sherif Farouk, and Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC), Adeeb Yousef Al-Aama, the two sides probe expanding co-operation in trade finance, supply chain development, and securing the availability of strategic commodities. For his part, Minister Farouk emphasised that the longstanding partnership with the ITFC represents a key pillar of Egypt’s food security framework, highlighting the importance of continued financing support to meet the country’s needs for essential commodities and improve the efficiency of supply and distribution systems. The minister stated that total financing provided to Egypt’s supply sector through co-operation with the ITFC has reached approximately $8.8 billion. This support enabled the import of nearly 19 million tonnes of strategic commodities, including wheat, oils, sugar, maize, meat, and poultry, contributing significantly to market stability and the uninterrupted availability of goods. The meeting also reviewed mechanisms to strengthen trade finance programmes and modernise supply chain management tools to enhance the efficiency of the trade system, improve resilience to global economic fluctuations, and ensure the stable flow of strategic goods to local markets. Both sides discussed opportunities to expand food security financing programmes, develop logistics infrastructure, and enhance strategic stock management to support the sustainable availability of essential commodities. For his part, Eng Al-Aama reaffirmed the ITFC’s commitment to supporting Egypt’s efforts to strengthen food security and stabilise markets, describing Egypt as a strategic regional partner. He also highlighted the Corporation’s plans to expand financing and technical support programmes aimed at strengthening supply chains and advancing trade finance tools. The meeting was attended by senior officials from the Ministry of Supply and Internal Trade and the General Authority for Supply Commodities. Both sides concluded by stressing the importance of continued coordination to support Egypt’s sustainable food security objectives and enhance the efficiency of the domestic trade system. The post Cairo, ITFC boost partnership to support, trade finance, food security appeared first on Egyptian Gazette.