COP28: OPEC Fund strengthens partnerships to enhance global food security

December 2, 2023: The OPEC Fund for International Development (the OPEC Fund) is teaming up with partner organizations in order to address the challenge of food insecurity. The institution signed a Practical Arrangements agreement with the International Atomic Energy Agency (IAEA) and a US$500,000 grant agreement with the World Food Programme (WFP) on the sidelines of the UN Climate Change Conference COP28 in Dubai, The partnerships are aligned with the OPEC Fund’s US$1 billion Food Security Action Plan, adopted in 2022. 

OPEC Fund Director-General Dr. Abdulhamid Alkhalifa and International Atomic Energy Agency Director-General Rafael Mariano Grossi signed a Practical Arrangements agreement to expand cooperation in the area of food security. Both institutions will work together to raise awareness about innovation for sustainable agriculture, including the contributions of nuclear science and technology such as isotopic tracing, radiation-induced mutation breeding and soil fertility mapping, to climate adaptation and food security. 

The OPEC Fund Director-General also met the Executive Director of the World Food Programme (WFP) Cindy H. McCain. Following a Memorandum of Understanding signed between the OPEC Fund and WFP in June 2023, today the institutions signed a grant agreement to co-finance a pilot program addressing hunger and malnutrition and preventing child malnutrition in five regions of the Philippines. In addition to a US$500,000 OPEC Fund grant, the government’s Food e-Voucher Programme Walang Gutom (No Hunger) has attracted US$3 million from WFP, Asian Development Bank, Japan International Cooperation Agency and the French Cooperation Agency Agence Française de Développement in order to prepare the rollout of the program at national level. 

OPEC Fund Director-General Alkhalifa said:

“Global food insecurity is closely linked to climate change. Since inception in 1976, the OPEC Fund has been committed to eradicating hunger around the world. Today, we prioritise global food security through a range of initiatives and projects. Promoting sustainable agriculture practices, building resilience and involving innovative technologies will support the delivery of Sustainable Development Goal 2- No Hunger.”

To date, the OPEC Fund has committed more than US$2.6 billion to agriculture projects, representing some 10 percent of its total commitments. In 2022, the institution launched a US$1 billion Food Security Action Plan to be deployed as immediate assistance to cover the import costs of basic commodities, while supporting medium and long-term security of food supply in partner countries. The plan was immediately implemented with a US$100 million loan to Jordan, followed by loans in Zimbabwe (US$15 million each for two projects), Côte d’Ivoire (US$60 million), Paraguay (US$30 million), Uzbekistan (US$50 million), Liberia (US$10 million), Benin (US$14 million), and the Democratic Republic of Congo (US$25 million). 

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 in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$24 billion to development projects in over 125 countries with an estimated total project cost of US$190 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Outlook Positive by S&P. Our vision is a world where sustainable development is a reality for all.