Uzbekistan to receive $100 million to ensure food security

“The OPEC International Development Fund and the International Islamic Trade and Finance Corporation (ITFC) will provide Uzbekistan with $100 million for the purchase of basic agricultural products. The contribution of each of these organizations, according to experts, will amount to $50 million,” Fruchtportal.de wrote.

“Uzbekistan is a net importer of staple foods such as grains, vegetables and sugar. Almost 40% of this food supply to the country comes from the Black Sea region. In addition, the issue of ensuring food security is very important in the context of the global consequences of the situation in Ukraine, rising prices for food and raw materials,” the publication emphasized.

According to experts, vegetables mean potatoes, which are the largest import position of Uzbekistan in the fruit and vegetable segment and are of great importance in ensuring the country’s food security.

It is noted that the provided trade finance will contribute to the sustainable supply of the food market of Uzbekistan with the necessary goods at affordable prices.

It also highlights that in June 2022, the OPEC Foundation announced its $1 billion Action Plan for Food Security 2022-2025, which provides funding for the import of key commodities, thereby contributing to the sustainable food supply in partner countries in medium and long term.

It should be recalled that the OPEC International Development Fund was established in 1976. Its activities aim to stimulate development, strengthen community and empower people, and fund projects that meet basic needs such as food, energy, infrastructure, employment, clean water and sanitation, health and education. To date, the OPEC Fund has committed a total of over $22 billion to various projects in more than 125 countries around the world.