OPEC Fund commits USD 1 Bn to Food Security Action Plan for 3 yrs

By Vinisha Joshi  | Date: 2022-06-09

OPEC Fund commits USD 1 Bn to Food Security Action Plan for 3 yrs

The OPEC Fund for International Development has reportedly planned to dedicate USD 1 billion to its new fund ‘Food Security Action Plan’ over the next three years.

The new OPEC Fund will be provided as urgent assistance to bear the import costs of trivial commodities like fertilizers, grains, and seeds. It will also be supporting long and medium-term food supply in partner countries.

Dr. Abdulhamid Alkhalifa, Director-General of OPEC Fund remarked that the international community needs to respond to the global food crisis quickly and effectively.

The flexible model of the OPEC Fund allows the organization to assign USD 1 billion of its resources to ensure food security as per need, added Alkhalifa.

The new facility will streamline private and public sector loans as well as grants to the developing nations highly impacted by the Russia-Ukraine war due to surged global prices of food and fertilizers.

Apart from offering immediate relief, the Food Security Action Plan aims at establishing the resilience of the agriculture sector of partner countries and reinforcing regional food value chains to withstand the global-level events in the future.

The OPEC Fund has dedicated close to USD 2.6 billion to agricultural initiatives since its establishment in 1976. It represents over 10% of its overall operations, supporting Sustainable Development Goal 2 – Zero Hunger.

The Fund has exclusively channeled investments in developing production and storage plants, rural infrastructure, and trade in agricultural goods, among others. It will host its first Development Forum in Vienna on June 21st, 2022, to motivate partners and prompt action on achieving global SDGs despite recent shocks.

The Forum will bring together heads of institutions, government leaders, and expert practitioners from the private and public sectors to share their opinions on the current as well as future scenarios for global development.

Source credit: https://www.zawya.com/en/life/food/the-opec-fund-dedicates-us1bln-to-global-food-security-qve1seu9

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Vinisha Joshi     thisisourtownrichmond.co.uk

Vinisha Joshi

As a qualified Engineering graduate, Vinisha Joshi takes pride in playing with words. Presently, she pens down insightful articles on business, core industry, technology, and the like for Thisisourtownrichmond in addition to other platforms. Creativity comes naturally...

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