OPEC Fund backs Egypt’s food security with $10mln

PHOTO

The OPEC Fund for International Development has provided Egypt with $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 on September 19th.

The facility will help the North African nation import essential agricultural and food commodities.

“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," OPEC Fund Director-General Abdulhamid Alkhalifa stated.

The OPEC Fund's commitment to the trade finance facility will back Egypt's food security plan in line with Sustainable Development Goal (SDG) 2 - Zero Hunger and the OPEC Fund's own $1 billion Food Security Action Plan.