The OPEC Fund for International Development (OFID) 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.
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, combining support for domestic production with diversification of imports and enhancing sustainable agricultural practices.