IN THE FIELD
Clockwise from top left: David Whitehead Textiles; the Kynoch Fertilizer Blending Facility; and Olumuyiwa Osibanjo with a young local entrepreneur who benefitted from OPEC Fund funding
On top of a US$1 billion food
security line in 2022, the OPEC Fund is providing another US$2 billion
in financing until 2030.
how locally sourced oilseeds are processed to support smallholder farmers and sustain Zimbabwe’s edible oil industry. David Whitehead Textiles demonstrated an example of the revitalization of Zimbabwe’s textile sector and its impact on cotton farmers. A meeting with Agri Value Chain Zimbabwe offered an opportunity to assess the role of cotton ginning and processing in boosting the local industry. Mr. Osibanjo was joined by representatives from partner development finance institutions such as the Dutch entrepreneurial development bank FMO, the German development finance institution DEG and the regional African Trade and Development Bank TDB. He said: “Agriculture is not just an economic activity; it is a means of building stronger and more resilient communities. When we invest in farmers and sustainable agricultural practices, we are investing in the future of entire nations.” Through continued collaborations with local and regional partners, the OPEC Fund remains committed to driving agricultural development and strengthening food security in Zimbabwe. As the country says in one of its proverbs: “A small house will hold a hundred friends.” The OPEC Fund is one of those friends as also demonstrated in its food security actions. Following the successful launch of a US$1 billion credit line in 2022, which is now fully
committed, the organization is now providing another US$2 billion in financing until 2030, especially addressing the impact of climate change on food security. According to a recent economic analysis by the University of Oxford and London School of Economics, transforming the global food system could realize benefits of up to US$10 trillion per year. Key areas of action include taxing the most damaging and unsustainable foods, subsidizing farmers to produce healthy foods and use sustainable practices and investing in new agricultural technologies that can improve efficiency while reducing emissions. Global adoption of a predominantly plant-based diet accounted for around 75 percent of the total health and environmental benefits from the transformation and
would contribute an additional 2 percent per year to global GDP on average, the study finds.
27
Powered by FlippingBook