CHAPTER 3
OPEC FUND FOOD SECURITY ACTION PLAN
In response to the devastating impact of the war in Ukraine on global food supplies and prices, the OPEC Fund launched its FSAP in May 2022 with a US$1 billion facility for 2022-24. The action plan is designed to meet immediate, medium- and long-term needs in the following main areas:
The FSAP is a flexible initiative able to adjust to changing conditions and priorities, and large enough to support part- ner countries in their development efforts. For an efficient crisis response, the OPEC Fund is coordinating with partner institutions such as the World Bank, the International Fund for Agricultural Development (IFAD) and others to deliver integrated response efforts and mobilize additional financial resources to maximize development impact. By end-2023, the OPEC Fund had approved US$687 million for 19 projects under the Food Security Action plan, of which 63% to sovereign and 37% to non-sovereign borrowers. The countries for which food security action projects were ap- proved include Albania, Bangladesh, Benin, Egypt, Ghana, Jordan, Liberia, Mauritius, Paraguay, Türkiye, Uzbekistan and Zimbabwe.
• Sustainable food systems that can withstand negative im- pacts on value chains
• Agricultural commodity supply chains • Sustainable production and consumption
The OPEC Fund also provides financial assistance to pro- grams that address cross-cutting challenges to food security. Financing is available to both public and private sector pro- jects, and grants are available for low-income partner coun- tries whose food security is acutely endangered by the crisis.
The FSAP is just the most recent example of the OPEC Fund’s longstanding efforts to help its partner countries strengthen their food systems and reduce rural poverty (see pages 40–41).
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