Egypt is addressing food security through a $10 million contribution from Austria-based OPEC Fund for International Development (OFID) to a $200 million syndicated trade finance facility with the International Islamic Trade Finance Corp (ITFC). This initiative aims to facilitate the import of crucial food and agricultural commodities. As the world's largest wheat importer, Egypt relies heavily on global trade for essentials like grains, vegetable oil, and animal proteins to meet domestic demand. OPEC Fund Director-General emphasized the commitment to tackling food security challenges, with Egypt's strategic food security approach aligning with its shared goals. The partnership with ITFC in this substantial trade facility is a significant step in this direction.
In response to food security challenges, Egypt has adopted a comprehensive strategy that supports domestic production, diversifies imports, and promotes sustainable agricultural practices. This collaboration between OFID and ITFC reinforces Egypt's efforts to ensure a stable and secure food supply for its population.