OPEC Fund dedicates US$1 billion to global food security

The OPEC Fund has responded to the global food supply crisis with an action plan pledging US$1 billion over the course of three years. The program will be deployed as immediate assistance to cover the import costs of basic commodities such as seeds, grains and fertilizers, while supporting medium and longterm security of food supply in partner countries. 

The OPEC Fund’s initiative is part of a minimum US$10 billion by the Arab Coordination Group (ACG) for immediate relief and long-term support. 

OPEC Fund Director-General Dr. Abdulhamid Alkhalifa, said: “With this bold initiative we are taking quick, decisive and forceful action. Millions of people are facing hunger today, and this is something we simply must address urgently. As a dedicated ACG member the OPEC Fund fully stands by this commitment.” 

In addition to providing immediate relief, the plan is geared towards building the resilience of partner countries' 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 SDG 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. 

The ACG comprises the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development. The Group coordinates actions, co-finances projects and in many cases pools resources towards key initiatives with the goal of providing effective and impactful development support through projects and specific programs.