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 and oil ministers in Cairo to sign the agreement, finalizing the organization’s 2023 work plan in Egypt, according to a Planning Ministry statement. The story also got coverage in Reuters.

The lender has long helped finance our imports: The fresh finance comes under the ITFC’s 2018 credit agreement with Egypt, which it last year extended to a possible USD 6 bn from USD 3 bn and renewed for another five years, Planning Minister Hala El Said said in the statement. The agreement is meant to fund the purchase of basic goods and commodities, such as petroleum, wheat, and other subsidized food staples. Last year, the ITFC lent us USD 800 mn for petroleum and USD 700 mn for commodities imports, after extending us a “record” USD 2.3 bn in imports financing in 2021. The ITFC’s total financing portfolio with Egypt now stands at some USD 14.5 bn, El Said said.

Our energy + commodities bill has been on the rise: The government’s subsidy bills for fuel and bread have surged amid the fallout of the Russia-Ukraine war after price inflation in global markets sent the cost of food and fuel imports soaring.

FROM IMPORTS TO EXPORTS- The ITFC yesterday launched its USD 350k local export academy in partnership with the Micro, Small and Medium Enterprises Development Agency (MSMEDA) and the Trade and Industry Ministry, according to the ITFC’s website. The academy is meant to “boost the capacities of Egyptian entrepreneurs and incorporate their products and services into the global supply chain,” the lender said. It was one of several export-oriented programs the ITFC inked with Egypt last summer, as the government aims to boost exports to USD 100 bn annually by 2027.