Uzbekistan to receive $100 million for imports of basic food products

The OPEC Fund and the Islamic Trade Finance Corporation will provide $50 million each.

The OPEC Fund for International Development will provide Uzbekistan with a loan to ensure food security, Spot reports with reference to the organization’s website.

As part of a syndicated loan, the fund will allocate $50 million for the purchase of key agricultural products. The Islamic Trade Finance Corporation (ITFC) will provide the same amount.

The loan will ensure stable supplies to the Uzbek market of food at affordable prices. Against the backdrop of the conflict in Ukraine and the global rise in resource prices, the issue of food imports has become a priority for the republic, the report says.

Uzbekistan’s support “is consistent with the Food Security Action Plan”, Fund Director Abdulhamid Al-Khalifa said. To provide the population with basic goods, it is important to maintain international trade.

The plan of the OPEC fund is aimed at supporting countries that have suffered from rising prices and supply disruptions in the current situation more than others. The organization will allocate up to $1 billion for their purchase of grain, seeds and fertilizers.

In October, the Asian Development Bank approved a $500 million loan for Uzbekistan. The funds will be used to supply the population with grain and other products, as well as to finance social payments.

Earlier, it was reported that the OPEC Fund will give Uzbekistan $100 million for a program to develop competition and manage state-owned enterprises.