OPEC Fund provides US$10 million to support Food Security in Egypt
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The OPEC Fund for International Development (the OPEC Fund) is supporting food security in Egypt with a US$10 million contribution to a US$200 million syndicated trade finance facility with the International Islamic Trade Finance Corporation (ITFC). The facility will facilitate the import of vital food and agricultural commodities.
Egypt is the world’s largest wheat importer and relies heavily on global trade for essential commodities such as grains, vegetable oil and animal proteins to meet domestic demand. Following the global repercussions of the war in Ukraine and higher commodity and food prices, Egypt has prioritized securing grain supplies and ensuring food security.
OPEC Fund Director-General Abdulhamid Alkhalifa said:
“The OPEC Fund’s participation in this vital trade finance facility underscores our commitment to helping solve food security challenges. Egypt’s strategic approach to food security aligns with our shared goals and we are proud to partner with ITFC in this sizeable trade facility.”
Egypt has responded to food security challenges with a comprehensive food security strategy, which combines support for domestic production with diversification of imports and the enhancement of sustainable agricultural practices.
The OPEC Fund’s contribution to the trade finance facility will support Egypt’s strategy to ensure food security and aligns with Sustainable Development Goal 2 – Zero Hunger, as well as with the OPEC Fund’s own US$1 billion Food Security Action Plan.