SPOTLIGHT
NOVEMBER 12
Filling the hole in food security
G lobal concerns about food security were explored in a panel including OPEC Fund Public Sector Director for MENA, Eastern Europe and Central Asia Musab Alomar. Setting out a roadmap for how multilateral development institutions can deepen their impact, he said: “Our joint efforts cannot be conducted in isolation. The international development community must base its approach on 3 Cs – coordination, cooperation and communication.” Reaching out and working together with partner countries will allow us to identify activities that are both flexible and durable. “Flexible enough to adjust to changing conditions and priorities, while durable enough to support partner countries and clients in their development efforts,” added Mr. Alomar. The war in Ukraine has severely disrupted supply routes and, according
Mary Margaret McRae, ICARDA, Musab Alomar, OPEC Fund, Iride Ceccacci, EBRD, Nadia Benamara, OPEC Fund
to UN estimates, around 50 million people in 45 countries are living on the edge of famine. The situation is all the more serious as food insecurity had already been rising since 2018 with the impacts of climate change causing more and more damage. Low-income countries are most severely affected and tackling food security will cost about US$50 billion, says the International Monetary Fund. The OPEC Fund responded with a US$1 billion Food Security Action Plan adopted in June 2022, which was quickly amplified by a US$10 billion Arab Coordination Group facility. The plans address both immediate emergencies the OPEC Fund has extended more than US$210 million for projects securing supply in two provinces. In the Maldives, the OPEC Fund is the single biggest investor in the sector with more than US$125 million to date. In addition, it also helped countries build their policies, which in turn enabled other institutions and investors to more readily enter the sector.
and long-term needs as demonstrated by a first US$100 million loan to Jordan, signed in October. The Jordan loan exemplifies, in a nutshell, how the food action plan works: it combines short-term goals such as the financing of much-needed supplies with long-term goals such as reducing import dependency. At the same time, the OPEC Fund is acting as a member of a bigger group: The Islamic Development Bank and the European Bank for Reconstruction and Development have joined the effort and
increased the size of the facility to almost US$500 million.
international community to meet the 1.5°C Paris climate commitment. She added
NOVEMBER 14
Khadeeja Naseem, Minister of State for Environment,
Climate Change and Technology, Maldives
that protecting investments on projects like desalination facilities while also focusing on nature-based solutions such as mangroves will make a positive impact in a country so particularly vulnerable to climate change. Speaking on the situation in Argentina, Cordoba Province Minister of Public Services Fabián López shared his scenario planning for varying degrees of climate
Financing flows to water and sanitation C hallenges and opportunities for water and sanitation, including financing and infrastructure development, was the focus of a further panel session featuring Mr. Alomar, who said that “global costs to achieve SDG 6 exceed US$1 trillion per year, or 1.21 percent of global GDP. Yet, financing flows remain well below needs.” Representatives from Argentina and the Maldives provided insights with reports from the ground. In Argentina,
Representing a Small Island Developing State, lying barely a meter above sea level, Maldives Minister of State for Environment, Climate Change and Technology Khadeeja Naseem made an impassioned plea for the
change and spoke of the importance of bi-
provincial aqueducts for the semi-arid region that he represents.
Fabián López, Cordoba Province Minister of Public Services, Argentina
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