OPEC Fund offers $10mln to support food security in Egypt

The OPEC Fund for International Development offered $10 million to support food security in Egypt on Tuesday.

The OPEC Fund is partnering with the International Islamic Trade Finance Corporation (ITFC) in a $200 million syndicated trade finance facility with.

Egypt is the world’s largest wheat importer, it also relies heavily on global trade for commodities like grains, vegetable oil, and animal proteins to meet domestic demand.

Egypt is currently prioritising securing grain supplies and food security amid the war crisis in Ukraine.

“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.” said the OPEC Fund Director-General Abdulhamid Alkhalifa.

The OPEC Fund’s offer will support Egypt’s strategy towards ensuring food security.

It also aligns with the Sustainable Development Goal 2 – Zero Hunger, and the OPEC Fund’s US$1 billion Food Security Action Plan.