BAKU, Azerbaijan, June 9. The International Islamic Trade Finance Corporation (ITFC) allocated US$ 1.75 billion in 2024 to support food security and agriculture, representing nearly a quarter of its total annual financing, according to the Corporation’s latest data, Trend reports.
This funding benefitted ten member countries across North Africa, West Africa, the Middle East, Central Asia, and Southeast Asia.
Türkiye was included among the beneficiaries for the first time in 2024 through ITFC’s inaugural public sector financing for the country, marking a significant expansion in the Corporation’s geographic food security coverage.
Since its establishment in 2008, ITFC has approved a total of US$ 14.6 billion to sustain food security and bolster agriculture in member countries of the Organization of Islamic Cooperation (OIC).
In 2022, the Islamic Development Bank (IsDB) Group, of which ITFC is a member, launched a US$ 10.54 billion Food Security Response Program (FSRP) to strengthen the resilience of member states amid an escalating global food crisis. As part of this initiative, ITFC committed US$ 4.5 billion to meet the immediate financing needs of member countries for emergency food and agricultural supplies.
To date, ITFC’s food security financing under the FSRP has reached US$ 4.73 billion—surpassing its initial pledge—demonstrating its strong commitment to supporting member countries in addressing food supply challenges and building long-term agricultural resilience.
