A US$14 million loan agreement between the OPEC Fund for International Development, OFID, and Egypt will help boost food security in Egypt.
Dr. Abdulhamid Alkhalifa, the Director-General of the OFID, signed the loan agreement with Dr. Sahar Nasr, Egypt’s Minister of Investment and International Cooperation.
Egypt’s Prime Minister Dr. Mostafa Kemal Madbouly, Minister of Supply and Internal Trade Dr. Ali Elmoselhy, and Minister of Trade and Industry Amr Nassar were present in the signing ceremony.
The loan from OFID will finance the Port Said Grain Storage Facilities Project, an important agricultural sector development initiative in Egypt. The project will boost food security in the country and reduce agricultural losses by building two major storage facilities.
The OFID’s high-level delegation to Egypt visited project sites of other OFID-funded initiatives in Egypt.
The relationship between the OFID and Egypt dates back to 1976. The OFID has approved 28 public sector loans for development projects in Egypt. These loans have financed projects in health, agriculture, transport, education and electricity sectors. The OFID has also supported the private sector and trade finance operations in the country, and provided a number of national grants
The OFID was established in January 1976 by the then 13 member countries of OPEC, including the United Arab Emirates.