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".
