The OPEC Fund for International Development is contributing US$50 million to a syndicated trade finance facility along with the Islamic Trade Finance Corporation (ITFC). The total US$100 million facility will improve food security in Uzbekistan by supporting the trade of critical agricultural products.

According to a statement posted on the Fund’s website “Uzbekistan is a net importer of essential goods such as grain, vegetable and sugar and nearly 40 percent of the country’s food supply originates in the Black Sea region. Following the global repercussions of war in Ukraine, including higher food and commodity prices, food security has become a major concern for Uzbekistan”.

The loan package will help ensure the sustainable supply of essential food and agricultural products in the local market at affordable prices.

In June 2022 the OPEC Fund announced a US$1 billion OPEC Fund Food Security Action Plan for 2022-2025. The plan supports financing the import costs of basic commodities such as seeds, grains and fertilizers, while promoting the medium and long-term security of food supply in partner countries.

The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. The Fund’s work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education.

To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries.

G.Sattorova, UzA