OPEC to Lend Egypt $30mn to Boost Food Security

The OPEC Fund for International Development (OFID) has approved a concessional loan for Egypt worth $30 million to modernise irrigation infrastructure, boost food security and alleviate poverty for approximately 215,000 Egyptians residing near Cairo, state daily Al-Ahram reported. The loan will be repaid over 20 years, with a 5-year grace period. The OFID's governing board met for its 140th session on Tuesday, where it approved 12 loans and grants totalling over $201 million to boost socio-economic development in 29 partner countries.

Morocco and Tunisia are also among the countries slated to receive loans, worth $37.2 million and $50 million respectively. The bulk of the funding will go towards co-financing energy projects, along with loans to help bolster the agriculture, education, health and transportation sectors in recipient countries. "The OFID has embraced the 'Sustainable Energy for All initiative,' having supported projects that best meet the needs of its partner countries – without imposing any conditionalities," the OFID website quoted the organisation's director-general, Suleiman J. Al-Herbish, as saying.