Minister of Petroleum and Mineral Resources Karim Badawi has met with Hani Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and the Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), and his accompanying delegation.

The two sides discussed strengthening cooperation between the Ministry of Petroleum and Mineral Resources (MoPMR) and the International Islamic Trade Finance Corporation (ITFC), which has been supporting Egypt’s oil and gas sector since 2008. The ITFC plays a vital role in driving development and modernization within the sector, providing annual financing to the Egyptian General Petroleum Corporation (EGPC) to help secure purchases of crude oil and petroleum products. This support is particularly important in light of the global challenges that have directly impacted economies worldwide.

During the meeting, Badawi praised the role of the International Islamic Trade Finance Corporation in supporting the energy sector in Egypt.

Badawi stated that the cooperation programs targeted in various petroleum activities during the current and next two years were discussed.

Sonbol confirmed that the collaboration will continue to provide integrated commercial solutions to meet the needs of the Egyptian oil and gas sector.

Sonbol expressed the ITFC’s readiness to provide the necessary funding to the EGPC to implement new projects in the oil and gas industry.