NNA -The OPEC Fund for International Development has dedicated US$1 billion of its resources over the next three years to the new OPEC Fund "Food Security Action Plan", to be deployed as immediate assistance to cover the import costs of basic commodities such as seeds, grains and fertilizers, while supporting medium and long-term security of food supply in partner countries.

OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: "Millions of vulnerable people could face famine over the next few months unless the international community responds swiftly and effectively to the global food crisis. The OPEC Fund's nimble model has enabled us to dedicate US$1 billion of our investment program to ensure food security where – and how – it is needed the most."

The new facility will channel public and private sector loans, as well as grants to developing countries hit hardest by the fallout from the war in Ukraine, which has pushed up food and fertilizer prices worldwide.

In addition to providing immediate relief, the OPEC Fund Food Security Action Plan is geared toward building the resilience of partner country agriculture sectors and strengthening regional food value chains to future proof against global shocks.

Since its establishment in 1976, the OPEC Fund has committed US$2.6 billion to agriculture projects, representing more than 10 percent of its total operations, in support of Sustainable Development Goal 2 – Zero Hunger. It has specifically targeted investments in rural infrastructure, development of production and storage facilities, trade in agricultural goods, as well as training, capacity and institution building.—OPEC

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