OPEC Fund supports Egypt’s food security with $10m

OPEC Fund supports Egypt’s food security with $10m

The OPEC Fund for International Development announced it provided Egypt with US$10 million under a $200 million syndicated trade finance facility with the International Islamic Trade Finance Corporation (ITFC) to support the country’s food security, according to a statement.

The fund will help Egypt import key agricultural and food commodities.

OPEC Fund Director-General Abdulhamid Alkhalifa says: “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,” Alkhalifa added.

The OPEC Fund’s commitment to support Egypt’s food security plan came in line with Sustainable Development Goal (SDG) 2 – Zero Hunger. The OPEC Fund owns a US$1 billion Food Security Action Plan.

The Fund, established by the member countries of OPEC in 1979, has allocated more than US$24 billion to development projects in over 125 countries. 

The people-centered entity focused on funding projects that meet key needs, such as food, energy, infrastructure, employment, clean water and sanitation, healthcare, and education. 

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