As part of efforts to strengthen international partnerships that support the food security system and market stability, Dr Sherif Farouk, Minister of Supply and Internal Trade, held a meeting with Eng. Adib Yusuf Al‑Ama, Chief Executive Officer of the International Islamic Trade Finance Corporation, to explore ways of enhancing cooperation in trade finance, developing supply chains and supporting the availability of strategic commodities.
During the meeting the minister emphasized that the long-standing partnership with the International Islamic Trade Finance Corporation is one of the main pillars supporting Egypt’s food security system, noting the importance of continuing cooperation to provide the necessary financing to secure the state’s requirements of basic commodities and to improve the efficiency of the supply and distribution system.
Dr Sherif Farouk explained that the total financing provided to the supply sector since cooperation with the Corporation began has reached about US$8.8 billion, which contributed to the import of nearly 19 million tonnes of key strategic commodities, including wheat, oils, sugar, maize, meat and poultry, supporting market stability and the continuous availability of goods.
The meeting also discussed mechanisms to enhance cooperation in supporting trade finance programmes and developing supply‑chain management tools, thereby raising the efficiency of the trade system, strengthening the state’s ability to cope with global economic changes, and ensuring the steady flow of strategic commodities to domestic markets.
The two sides reviewed opportunities to expand financing programmes aimed at supporting food security, as well as ways to develop the logistics infrastructure of the domestic trade system and to improve the management efficiency of strategic stockpiles to support the sustainability of basic commodity availability.
For his part, Eng. Adib Yusuf Al‑Ama, CEO of the International Islamic Trade Finance Corporation, affirmed the Corporation’s keenness to continue supporting the Egyptian state’s efforts to enhance food security and market stability, noting that Egypt is a major strategic partner for the Corporation in the region.
He said the Corporation is working to expand its financial and technical programmes to support supply chains and to develop trade finance instruments, which will help improve the efficiency and resilience of the trade system in the face of global challenges.