Egypt secures $1.5bn financing deal as Middle East tensions threaten food supplies
Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to help secure food and energy imports amid regional tensions linked to the Iran conflict, which continue to pressure global supply chains.
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![Farmers pick harvested potatoes before shipping them off as Egypt secures a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to protect food and energy imports amid rising tensions in the Middle East. [Photo by Khaled DESOUKI / AFP via Getty Images]](https://ocdn.eu/pulscms/MDA_/eb9660efb449dd6ab0212efa37595356.jpg)
Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to help secure food and energy imports amid regional tensions linked to the Iran conflict, which continue to pressure global supply chains.
- Egypt has signed a $1.5 billion financing deal with the International Islamic Trade Finance Corporation to support food and energy security.
- The agreement comes as the Iran conflict and disruptions around the Strait of Hormuz fuel global commodity price pressures.
- Egypt’s food purchasing agency and state petroleum corporation will share the funding to secure critical imports.
- The deal adds to billions of dollars in previous Islamic trade financing extended to Africa’s third-largest economy.
According to a cabinet statement, the deal allocates $700 million to the General Authority for Supply Commodities and $800 million to the Egyptian General Petroleum Corporation.
Planning Minister Ahmed Rostom said the financing aims to strengthen Egypt’s ability to maintain strategic reserves of key commodities amid rising market volatility.
The agreement comes as concerns over potential disruptions in the Strait of Hormuz push up agricultural and energy prices. Analysts say shipping risks, adverse weather conditions, fertiliser shortages and lower crop yields have contributed to a sharp rise in global food costs.
The Jeddah-based ITFC, part of the Islamic Development Bank Group, has approved around $25 billion in financing for Egypt since 2008, Reuters reported, citing ITFC chief executive Adib Youssef Al Aama. Of that, around $9 billion has supported food commodity imports, particularly wheat.
The ITFC, which is part of the Islamic Development Bank Group, has approved approximately $25 billion in financing for Egypt since 2008, according to a Reuters report citing ITFC chief executive Adib Youssef Al Aama. Of this amount, about $9 billion has been allocated to support food commodity imports, particularly wheat.
The latest agreement follows reports earlier this month that Egypt was also seeking up to $1.4 billion in additional financing from Gulf lenders to support food imports.
Asharq Business reported that a consortium including First Abu Dhabi Bank, Emirates NBD and Arab Banking Corporation was expected to provide the funding, with talks potentially concluding in the third quarter of 2026.
