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Egypt secures USD 250M for food & energy security from AFC, IFTC

The Clap

Egypt is set to receive a substantial boost to its food and energy security, as the Africa Finance Corporation (AFC) and International Islamic Trade Finance Corporation (IFTC) extend a USD 250 million sharia-compliant trade loan facility.

What

The AFC revealed in a statement that this one-year facility will be evenly distributed between the state-owned Egyptian General Petroleum Corporation (EGPC) and the General Authority for Supply Commodities (GASC). The funds are earmarked for supporting fuel and petroleum product purchases, as well as imports of key commodities such as wheat, corn, vegetable oils, and sugar.

So What

This development highlights just a fraction of the AFC’s extensive plans for Egypt. The AFC, which welcomed Egypt as a fully paid-up member in 2022, is set to invest a significant USD 1 billion.

Now What

Already, an “immediate project pipeline” is in place, targeting a diverse range of sectors including renewable energy, natural gas, heavy industries, technology, telecommunications, banking, and finance.