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

CAIRO - 20 Septemer 2023: In an attempt to support food security in Egypt, the OPEC Fund for International Development (the OPEC Fund) has allocated $10 million to facilitate the import of critical food and agricultural commodities.

Egypt, being the world's largest wheat importer, heavily relies on global trade to meet its domestic demand for essential commodities such as grains, vegetable oil, and animal proteins. Recognizing the significance of addressing food security challenges, the OPEC Fund's participation in this trade finance facility underscores its commitment to finding sustainable solutions.

The loan is as part of a larger syndicated trade finance facility worth $200 million, in collaboration with the International Islamic Trade Finance Corporation (ITFC).

Director of the OPEC Fund, Abdulhamid Alkhalifa, highlighted the organization's dedication to tackling food security issues. He stated, "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."

The financial assistance from the OPEC Fund will contribute to ensuring a stable and reliable food supply chain in Egypt. By facilitating the import of essential food and agricultural commodities, the loan aims to support the country's efforts in meeting the nutritional needs of its population.

Egypt’s Minister of Trade and Industry, Ahmed Samir, recently announced a positive trend in the food industry's export volume. During a roundtable discussion, Minister Samir revealed that food industry exports increased by 10 percent in the first seven months of 2023, amounting to $2.635 billion. This marks a significant rise from the $2.384 billion recorded during the same period in 2022.

The increase in food industry exports reflects Egypt's growing presence in the global market and its ability to offer high-quality food products. It also demonstrates the country's potential to contribute to international food security efforts by leveraging its agricultural resources and expertise.

The financial assistance provided by the OPEC Fund will further strengthen Egypt's ability to meet its domestic demand for essential commodities and contribute to the long-term sustainability of its food supply chain.