OPEC Fund and IFAD Expand Partnership to Enhance Food Security and Climate Resilience

OPEC Fund President Abdulhamid Alkhalifa highlighted the strategic importance of food security and climate action as core priorities for the organization.

At the 2024 OPEC Fund Development Forum in Vienna, the OPEC Fund for International Development (OPEC Fund) and the UN’s International Fund for Agricultural Development (IFAD) formalized a new cooperation agreement aimed at expanding their longstanding partnership. This collaboration aims to increase co-financing for projects that bolster food security and build climate resilience, crucially supporting smallholder farmers responsible for producing one-third of the world's food.

The agreement, signed by OPEC Fund President Abdulhamid Alkhalifa and IFAD President Alvaro Lario, underscores a commitment to fostering synergies and enhancing the efficiency of jointly funded initiatives. It marks a significant step in leveraging combined expertise to address the complex challenges faced by rural communities globally.

OPEC Fund President Abdulhamid Alkhalifa highlighted the strategic importance of food security and climate action as core priorities for the organization. He affirmed the OPEC Fund's dedication to supporting a sustainable energy transition while ensuring stable food supplies worldwide. Alkhalifa expressed intent to strengthen the partnership with IFAD by streamlining efforts to deliver impactful support where it is most needed.

President Alvaro Lario of IFAD emphasized the critical role of small-scale food producers in understanding the interconnected issues of food, water, and energy. He stressed the urgency of assisting these producers in adapting to the accelerating impacts of climate change, underscoring the necessity for collaborative efforts among diverse partners. Lario noted that the agreement represents an opportunity to renew IFAD's commitment to supporting the men and women who play a vital role in providing healthy and nutritious food globally.

The cooperation between OPEC Fund and IFAD dates back to 1978, with the OPEC Fund contributing significantly to IFAD's programs. Over USD 1.03 billion has been provided for more than 120 projects to date, focusing on rural development in developing countries. IFAD, as a specialized agency of the United Nations based in Rome, remains committed to investing in rural areas to eradicate poverty and achieve sustainable development goals.

The new agreement between OPEC Fund and IFAD sets the stage for enhanced collaboration in addressing food security and climate resilience challenges, reaffirming their shared commitment to supporting smallholder farmers and vulnerable communities worldwide.