OPEC Fund allocates $10M to support commodities imports in Egypt

In a bid to bolster food security in Egypt, the OPEC Fund for International Development has provided a $10 million allotment. This fund will support the import of vital food and farming goods. Recognizing the importance of food security problems, the participation of the OPEC Fund in this trade finance facility demonstrates its commitment to sustainable solutions. The loan is one component of a larger $200 million syndicated trade finance facility, established in partnership with the International Islamic Trade Finance Corporation (ITFC). As the world's leading wheat importer, Egypt heavily relies on international trade to cater to its domestic need for essential goods such as grains, vegetable oil, and animal proteins. The OPEC Fund’s financial support aims for a steady and trustworthy food supply chain in Egypt. It can support the country's attempts to meet its population's nutritional demands by facilitating the import of necessary food and farming goods. Ahmed Samir, Egypt’s Minister of Trade and Industry, recently disclosed an optimistic trend in the food industry's export volume. Over the first seven months of 2023, food industry exports rose by 10 percent, totaling $2.635 billion. Egypt's increasing worldwide presence and its potential to contribute to global food security endeavors using its farming resources and knowledge are highlighted by this increase. The OPEC Fund's financial aid will strengthen Egypt's capacity to satisfy its demand for essential goods and contribute to the enduring sustainability of its food supply chain.