03 | THE RESULTS – OTHER FUNDING
The traditional food subsidy system is increasingly under strain and becoming unsustainable
HANI SALEM SONBOL CEO, International Islamic Trade Finance Cooperation
Over the past four years, collaboration with the OPEC Fund in related invest- ments has successfully enabled the pur- chase of approximately 9 million tons of wheat, 1 million tons of sugar and edible oil, 400,000 tons of rice, 110,000 tons of maize, 1,000 tons of poultry, and 5,000 tons of meat. This financing, executed amidst global challenges stemming from the COVID-19 pandemic, geopolitical chal- lenges, and global inflation, has proven critical in safeguarding Egypt's food secu- rity needs, aligning with the UN Sustain- able Development Goals for year-round access to safe and nutritious food.
US$10 MN OPEC Fund loan 29.7 % Share of population living in poverty
20 % Wheat as percentage of all agricultural imports
(Source: World Bank Group)
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