The OPEC International Development Fund and the International Islamic Trade and Finance Corporation (ITFC) will provide Uzbekistan $100 million for the purchase of basic agricultural products.
The contribution of each of these organizations, according to experts, stands at $50 million.
“Uzbekistan is a net importer of staple foods such as grains, vegetables and sugar. Almost 40 percent 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.
According to experts, potatoes, which is the largest item of Uzbekistan’s import in the fruit and vegetable segment, are of great importance in ensuring the country's food security.
Reportedly, the provided trade finance will contribute to the sustainable supply of the Uzbekistan food market with the necessary goods at affordable prices.
It also highlighted that in June 2022, the OPEC Foundation announced its US$1 billion Food Security Action Plan 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.
