This loan is part of a US contribution to a $200 million syndicated trade finance facility with the International Islamic Trade Finance Corporation (ITFC).
The OPEC Fund for International Development (the OPEC Fund) provides $10 million to support food security in Egypt. The facility will facilitate the import of vital food and agricultural commodities.
This loan is part of a US contribution to a $200 million syndicated trade finance facility with the International Islamic Trade Finance Corporation (ITFC).
According to the statement issued by OPEC, Egypt is the world’s largest wheat importer and relies heavily on global trade for essential commodities such as grains, vegetable oil and animal proteins to meet domestic demand.
“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, Abdulhamid Alkhalifa said.
Earlier this month, Trade and Industry Minister Ahmed Samir, announced in a roundtable discussion that the volume of food industry exports increased by 10% reaching $2.635 billion during the first 7 months of 2023 up from $2.384 billion during the same period in 2022.
