The OPEC Fund commits US$1 billion to global food security
Managing Director of the OPEC Fund Dr. Abdulhamid Alkhalifa said: “Millions of vulnerable people could face starvation in the coming months unless the international community responds quickly and effectively to the global food crisis. The OPEC Fund’s agile model has enabled us to dedicate 1 billion US dollars of our investment program to ensure food security where – and how – it is most needed.”
The new facility will channel public and private sector loans and grants to developing countries hardest hit by the fallout from the war in Ukrainewhich has driven up food and fertilizer prices around the world.
In addition to providing immediate relief, the OPEC Fund’s Food Security Action Plan aims to build the resilience of partner countries’ agricultural sectors and strengthen regional food value chains to be climate-proof. global shocks.
Since its creation in 1976, the OPEC Fund has been committed US$2.6 billion agricultural projects, representing more than 10% of its total operations, in support of Sustainable Development Goal 2 – Zero Hunger. It specifically targeted investments in rural infrastructure, development of production and storage facilities, trade in agricultural products, as well as training, capacity building and institution building.
The OPEC Fund unites the development community in Vienna
Seeking to galvanize partners and spur action for the achievement of the global SDGs despite recent shocks to the international system, the OPEC Fund will host its first Development Forum in Vienna, Austria on June 21, 2022. Focusing on climate, energy and food security, the Forum will bring together heads of government, heads of institutions and expert practitioners from the public and private sectors to share their views on the state of play and scenarios future of international development. The high-level forum titled “Driving Resilience & Equity” will shed light on crucial questions such as how to strike the right balance between climate action and essential access to energy; how innovations in finance and technology can transform delivery; and what it will take to translate shared ambitions into impact on the ground.
Further details on the OPEC Fund’s “Food Security Action Plan” will be announced at the World Development Forum. June 21, 2022.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works cooperatively with partners in developing countries and the international development community to drive economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by OPEC member countries in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centred, focusing on financing projects that meet basic needs, such as food, energy, infrastructure, employment (especially regarding MSMEs), clean water and sanitation, health care and education. To date, the OPEC Fund has committed over 22 billion US dollars to development projects in more than 125 countries with an estimated total cost of US$187 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA/A-1+, Positive Outlook by S&P in 2021. Our vision is a world where sustainable development is a reality for all.
SOURCE OPEC Fund for International Development