OPEC Fund and the UN World Food Programme (WFP) launch new facility to catalyze US$500m in support of resilient food and agricultural systems

Vienna, June 25, 2024 - The OPEC Fund for International Development (the OPEC Fund) and the United Nations World Food Programme (WFP) announced the establishment of the “OPEC Fund’s Food Security and Climate Adaptation Facility", a pioneering initiative to strengthen climate-resilient food systems and improve food security in the most vulnerable regions of the world.

An initial US$3 million grant from the OPEC Fund will seed the facility with additional funding mobilized from co-financiers, including multilateral development banks, development finance institutions, and other donors. The facility seeks to mobilize US$500 million in investments by 2030 and will kick-off with pilot initiatives in sub –Saharan Africa. The WFP is the lead technical partner in the facility and will play a crucial role in project design, implementation, and technical review.

OPEC Fund President Abdulhamid Alkhalifa said: “Climate change poses significant adverse impacts on food availability and access, as well as the stability of food systems around the world. Our facility will mobilize financing, knowledge and innovation to foster sustainable and resilient food value chains, improving livelihoods for vulnerable communities.”

WFP Executive Director, Cindy McCain said: “WFP is proud to support this initiative, which represents hope and resilience for communities on the frontlines of the climate crisis – especially smallholder and women farmers. Together with the OPEC Fund, we will help these communities adapt and build stronger, more sustainable food systems that are able to thrive in our changing climate”.

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 about US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.

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About the World Food Programme

The United Nations World Food Programme is the world's largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

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For further information or media queries please contact us at wfp.media@wfp.org