Cairo – Mubasher: The OPEC Fund for International Development provided Egypt with a $10 million grant to support the food security sector in the Arab Republic.
This comes as part of the $200 million syndicated trade finance facility with the International Islamic Trade Finance Corporation (ITFC), according to a press release.
The OPEC Fund Director-General, Abdulhamid Alkhalifa, said: “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 is the world’s largest wheat importer and relies mainly on global trade for essential commodities, such as grains, vegetable oil, and animal proteins to meet domestic demand.
The OPEC Fund's contribution to the trade finance facility will anchor the African country’s strategy to ensure food security.
It also aligns with Sustainable Development Goal 2 - Zero Hunger, as well as with the OPEC Fund’s own $1 billion Food Security Action Plan.