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The International Islamic Trade Finance Corporation (ITFC) Signs $1.5 Billion Annual Program with Egypt

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ITFC

The initiative is designed to boost Egypt’s economic development, support exporters, and create job opportunities for youth and women

CAIRO, Egypt, February 4, 2025/APO Group/ — 

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, today announced the signing of its 2025 annual work program with the Arab Republic of Egypt, valued at $1.5 billion.

This agreement is part of a five-year framework, totaling $6 billion, aimed at enhancing Egypt’s growth across critical sectors including energy, food security, and small and medium-sized enterprises (SMEs). The initiative is designed to boost Egypt’s economic development, support exporters, and create job opportunities for youth and women. This agreement, worth $1.5 billion, is part of the broader framework agreement between the two parties, valued at $6 billion over five years. The program is designed to support key sectors of the Egyptian economy, including energy, food security, and the empowerment of small and medium enterprises (SMEs), in line with Egypt’s goals for sustainable economic development and growth.

The signing ceremony, held in Cairo, was attended by key officials including His Excellency Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Affairs and Minister of Industry and Transport; Her Excellency Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Governor of Egypt at the Islamic Development Bank; and His Excellency Dr. Sherif Farouk, Minister of Supply and Internal Trade. The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and Acting CEO of ICD; Mr. Hossam El-Garrahi, Vice Chairman of the General Authority for Supply Commodities; and Mrs. Amal Tantawy, Executive Vice President for Financial and Economic Affairs at the Egyptian General Petroleum Corporation. ITFC’s 2025 program for Egypt includes trade finance operations to support the energy and food security sectors, as well as SMEs, with a focus on projects benefiting the Egyptian General Petroleum Corporation and the General Authority for Supply Commodities. The program also encompasses a wide range of initiatives to promote trade and business development, including the Arab African Trade Bridges (AATB) Program, the second phase of the Aid for Trade Initiative for Arab Countries (AfTIAS 2.0), and a comprehensive suite of programs designed to support Egyptian exporters and SMEs. Additionally, ITFC will continue its efforts to support women and youth through specific empowerment initiatives and technical training programs.

Since 2008, ITFC has committed over $18.7 billion to Egypt, financing key sectors such as energy, food security, and supporting SMEs and women entrepreneurs. This agreement underscores ITFC’s ongoing role as a key partner in Egypt’s economic development, leveraging its expertise in trade finance to empower vital sectors and foster inclusive growth.

We are excited to expand our support for SMEs, women, and youth, while continuing to foster Egypt’s export capabilities

Engineer Kamel El-Wazir, the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said: “Today, through this partnership, we reaffirm our commitment to developing these vital sectors, ensuring the improvement of transportation infrastructure, updating the industrial sector, and enhancing its competitiveness. ITFC has proven, over the years, its vital role in supporting member countries of the Organization of Islamic Cooperation (OIC) by offering innovative financial solutions and supporting developmental projects that contribute to stimulating economic growth and creating job opportunities.” He added: “The signing of today’s annual work program represents a strategic step that strengthens our partnership and opens new horizons for cooperation in infrastructure projects, manufacturing, and logistics services.”

Dr. Sherif Farouk, Minister of Supply and Internal Trade, said: “The allocation of $700 million from the ITFC to the General Authority for Supply Commodities, within the framework of the institution’s annual program for 2025, reflects the institution’s commitment to supporting government efforts aimed at achieving food security and fulfilling the state’s obligations towards its citizens.” He added: “The cooperation with the ITFC has not only been a financial commitment, but also a main pillar in the state’s efforts to secure its strategic needs of basic goods, enhance the Ministry of Supply and Internal Trade’s capacity to face emergency challenges, and ensure market stability. This confirms that this partnership represents a true foundation for supporting food security and ensuring sustainability in the supply of basic goods, which positively impacts the life of the Egyptian citizen.”

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the Islamic Development Bank, stated that the signing of the annual work program with ITFC represents a new step in the successful development partnership with the Islamic Development Bank (IsDB) Group in general, and the International Islamic Trade Finance Corporation (ITFC) in particular, which has contributed over 17 years to supporting the provision of strategic goods in the Egyptian market. She explained that the institution’s work program for 2025 aims to support food security and provide petroleum to the Egyptian General Petroleum Corporation in a way that enhances the availability of petroleum products and energy in the Egyptian market. This partnership also strengthens ongoing programs to encourage exporters and enable them to access foreign markets, as well as enhance efforts in training and developing small and medium-sized enterprises.

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group, dedicated to facilitating trade in its member countries through the provision of financing solutions and technical support. ITFC’s mission is to support sustainable economic development by empowering businesses, particularly SMEs, women, and youth, through trade finance and capacity-building initiatives.

Eng. Hani Salem Sonbol, CEO of ITFC, expressed his pride in the longstanding partnership with Egypt, stating: “ITFC is committed to working with Egypt to drive sustainable economic growth. We are excited to expand our support for SMEs, women, and youth, while continuing to foster Egypt’s export capabilities. In 2025, we will introduce new initiatives that aim to empower these vital groups, creating lasting impact for Egypt’s economy.”

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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Investment, Fuel Security and Strategy to Take Center Stage Across Angola Oil & Gas (AOG) 2026 Multi-Track Program

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March 27, 2026

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With strategic, technical and roundtable discussions, AOG 2026 strengthens its position as Angola’s premier platform for industry dialogue, investment and project development

LUANDA, Angola, March 27, 2026/APO Group/ –The Angola Oil & Gas (AOG) Conference and Exhibition returns to Luanda this September as a bridge connecting global investors and project developers with Angolan projects and partners. At a time when global supply disruptions and geopolitics are sharpening consumer focus on Africa, Angola offers the stability, resource base and investment appeal needed to support long-term security. Reflecting this focus, AOG will once again feature a multi-track program designed to showcase Angolan opportunities to a global audience.

Across three primary tracks – the Strategic, Technical and Roundtables Track – AOG 2026 will bring together policymakers, operators, financiers and technology providers to address challenges and opportunities across the full investment value chain. The expanded program structure underscores the event’s commitment to facilitating targeted discussions that support project development, strengthen partnerships and address the most pressing challenges facing Angola’s oil and gas sector today.

Strategic Track

As Angola continues to position itself as a leading African investment destination, the AOG 2026 Strategic Track will provide a platform for high-level dialogue between government, operators and investors, focusing on the policies, partnerships and capital frameworks required to sustain production and drive new exploration. Taking place across the two-day main conference, the Strategic Track will address the macro and investment-driven themes shaping Angola’s oil and gas industry.

Sessions will cover investment trends, Angola’s upstream competitiveness, advancing deepwater frontier momentum and opportunities in building an Angolan gas economy. Additional discussions will examine oil trade and the impacts of geopolitics, financing solutions for independents, fuel supply security and refining and the economics of local content success.

Technical Track

Running alongside the Strategic Track, the Technical Track will feature a series of presentations and discussions addressing critical operational and technical challenges across Angola’s oil and gas sector. This track will focus on practical solutions and emerging technologies that are shaping the future of the industry.

Topics will include M&A trends and asset transactions, accelerating AI adoption in oil and gas operations, building the next generation workforce and developing decommissioning frameworks for ageing assets. By focusing on operational efficiency, technology deployment and workforce development, the Technical Track will provide valuable insights for companies looking to optimize performance and extend the life of Angola’s producing assets while preparing for the next generation of projects.

Roundtables Track

A strategic feature at AOG, the Roundtables Track will introduce a more interactive discussion format focused on some of the industry’s most complex and strategic issues. These sessions will bring together small groups of stakeholders for targeted discussions on ensuring global compliance, Angola’s licensing landscape, partnerships and the future of upstream development.

Additional topics will include resolving the dollar/kwanza conundrum, the role of local financial institutions in the oil and gas sector and strategies to strengthen collaboration between international investors and local companies. The introduction of the Roundtables Track reflects growing demand for more focused, solution-driven discussions that move beyond traditional conference formats and toward practical problem-solving and partnership building.

Additional Features: Pre-Conference

In addition to the main conference program, AOG 2026 will include a dedicated pre-conference agenda on September 8, setting the tone ahead of the main conference discussions. Pre-conference sessions will cover subsurface imaging and structural analysis, Angola’s fiscals in a global context and strategies for strengthening Angolan institutions.

Several industry-led workshops will also take place, with companies offering insights into the technologies, solutions and tools that are transforming Angola’s oil and gas sector. These sessions are designed to provide practical knowledge sharing while highlighting the role of technology and innovation in improving efficiency and supporting new project development.

With an expanded multi-track program and the introduction of the Roundtables Track, AOG 2026 continues to evolve into a platform designed to drive investment, strengthen partnerships and support the next phase of Angola’s oil and gas growth.

Distributed by APO Group on behalf of Energy Capital & Power.

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Minister Ernesto Kesar Joins Caribbean Energy Week (CEW) 2026 as Trinidad and Tobago Accelerates Upstream Momentum

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March 27, 2026

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The participation of Minister Ernesto Kesar at Caribbean Energy Week comes as the country advances new upstream projects, gas developments and regional energy cooperation

PARAMARIBO, Suriname, March 27, 2026/APO Group/ –Ernesto Kesar, Minister in the Ministry of Energy and Energy Industries of Trinidad and Tobago, has officially joined the upcoming Caribbean Energy Week (CEW), reinforcing the country’s commitment to upstream growth at a time of renewed momentum in the oil and gas sector.

 

As the twin-island country advances new gas supply projects, encourages exploration and strengthens regional energy ties, Minister Kesar’s participation at CEW 2026 is expected to serve as a launchpad for strengthened regional ties.

Minister Kesar’s participation comes amid a multi-billion-dollar investment surge in Trinidad and Tobago as operators advance projects, regional energy ties and strategic partnerships. At the helm of these efforts, the Ministry of Energy and Energy Industries continues to prioritize upstream investment, deepwater exploration and cross-border gas projects, positioning the country as a regional hub for natural gas production and LNG exports.

Recent milestones reflect this momentum, with several projects starting production and exploration kicking off across key basins. The bpTT-led Cypre gas project achieved first gas in April 2025, with peak production estimated at 45,000 barrels per day (bpd) – translating to around 250 million standard cubic feet of gas. The project comprised seven wells and will enhance the country’s overall export capacity. In partnership with EOG Resources, the company also started production at the Mento field in 2025, featuring a 12-slot, attended facility.

Looking ahead, bp’s Ginger gas development is on track for first gas production in 2027 following FID reached in 2025. With an expected capacity of 62,000 bpd, the project will feature four subsea wells tied back to the company’s existing Mahogany B platform. The company is also evaluating development options for its Frangipani exploration well which identified multiple stacked gas reservoirs in 2025. These initiatives will not only bring additional volumes online to support LNG exports and domestic capacity, but strengthen the country’s position as a regional hub for oil and gas.

Beyond projects, Trinidad and Tobago is advancing exploration efforts with a view to strengthen its reserves. The company awarded an ultra-deepwater exploration block to ExxonMobil in 2025, signaling the company’s return to the market after nearly two decades. The milestone not only paves the way for the development of Block TTUD-1, but opens the door to nearly $20 billion in potential investment. The move follows a 2025 licensing round launched by the Ministry of Energy and Energy Industries in 2025, aligning with national goals of revitalizing exploration across deepwater margins.

On a regional front, Trinidad and Tobago is streamlining cross-border collaboration. The country recently secured a license from the United States authorizing oil and gas activities with Venezuela. The approval allows Trinidad-based companies to pursue cross-border gas developments, paving the way for Venezuela to feed new gas volumes into Trinidad and Tobago’s existing LNG and processing infrastructure. The move will not only sustain gas exports but accelerate long-delayed projects such as the Dragon gas field – situated near the maritime border of the two countries.

Trinidad and Tobago is also assessing options to restart the Pointe-a-Pierre refinery, which has been closed since 2018 following the restructuring of state-owned Petrotrin. The government is currently in talks with various partners as well as Guyana to reopen the facility. If brought back online successfully, the facility would support regional energy security efforts, highlighting a strategic opportunity for global and regional investors.

As upstream momentum continues to build, the upcoming CEW 2026 offers a strategic platform to advance dialogue on regional gas monetization, energy security and investment opportunities. Minister Kesar’s participation reflects Trinidad and Tobago’s commitment to strengthening Caribbean energy ties, paving the way for new collaborations and sustained investment.

Distributed by APO Group on behalf of Energy Capital & Power.

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China’s 15th Five-Year Plan: Charting Solutions in an Uncertain World

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March 27, 2026

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CGTN’s special feature explores potential impacts of China’s 15th Five-Year Plan beyond its borders.
BEIJING, CHINA – Media OutReach Newswire – 27 March 2026 – As policymakers and business leaders convene at the Boao Forum for Asia Annual Conference, one of the most closely watched gatherings on the global calendar, attention is turning to China’s national development blueprint: the 15th Five-Year Plan. Beijing’s latest development roadmap arrives at a critical moment, as the world is grappling with geopolitical tensions, economic fragmentation and climate change. With these challenges mounting, many international observers are exploring how this blueprint will shape future development trajectories within China and beyond.
Achim Steiner, former administrator of the United Nations Development Programme, regards green transition, which takes center stage in China’s 15th Five-Year Plan, as one of the defining economic shifts of the coming decades. He emphasizes that China’s leadership on renewable energy, ranging from solar panels to electric vehicles, have not only driven down global costs, but also turned technologies like EVs that were once considered “luxury and privilege” into accessible tools for people’s daily lives. He noted such a giant leap in green technology represents a frontline opportunity for transformation on the African continent, where over 600 million people still lack electricity. Steiner believes the green mindset adopted by Beijing will help many developing nations to avoid catastrophic fallout from climate change. And as certain western nations waver on climate commitments, China’s approach to addressing global warming, in contrast, provides a compelling model of a responsible nation, which suggests that green growth can be a policy priority and allow for win-win progress.

Mohd Faiz Abdullah, executive chairman of the Institute of Strategic and International Studies in Malaysia, situates China’s development strategy within a regional context. He says that the cooperation between China and ASEAN has been contributing to regional and global growth. He described the global economic status quo as “increasingly fragmented,” adding that the key challenge is “not to help one individual economy grow,” but to achieve shared and sustained prosperity “at regional and global levels.” Such a joint task requires shared responsibility in a variety of crucial areas covered in China’s 15th Five-Year Plan, including advanced manufacturing, green transition and technological upgrading. In his view, the development vision demonstrated in China’s 15th Five-Year Plan is not solely inward-looking, but also a domestic model that can convert to outward impact to the wider world. Abdullah also highlighted that China and ASEAN have already formed one of the world’s most dynamic economic partnerships, characterized by expanding investment flows and deepening integration. He believes that the continued implementation of the Regional Comprehensive Economic Partnership will ensure ASEAN and China can work together to achieve shared economic progress for the next decade.

Justin Yifu Lin, former chief economist for the World Bank, argues that while the global economy is mired in uncertainty and turbulence, China remains a rare source of stability, certainty and development momentum. Since about 2008, he noted, China has contributed roughly 30 percent of global growth, underscoring its role as a key engine of the world economy. Acknowledging that challenges are universal rather than unique to China, Lin stressed that what matters is the ability to recognize both constraints and opportunities, and to turn the latter into tangible growth. He pointed to China’s continued potential in technological innovation and industrial upgrading, supported by its large talent pool, vast domestic market, comprehensive manufacturing base and effective coordination between market forces and government policy. While external risks such as supply chain disruptions and trade tensions persist, alongside domestic pressures, including aging and regional development imbalance, Lin suggests China still holds significant growth potential, possibly around 8 percent per year through 2035, if these challenges are well managed.

In a world increasingly defined by uncertainty, China’s 15th Five-Year Plan is deemed as an important source of direction and momentum. As the country aims for a good start to its next five-year development period, seeking to advance modernization through high-quality development, major tasks still lie ahead.

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