Home » OPEC Fund, IFAD Sign Cooperation Agreement on Food Security

OPEC Fund, IFAD Sign Cooperation Agreement on Food Security

by Madaline Dunn

The OPEC Fund for International Development (the OPEC Fund) and the UN’s International Fund for Agricultural Development (IFAD) have signed a cooperation agreement to expand their partnership and boost the co-financing of projects that enhance food security and build climate resilience.

The IFAD is an international financial institution and specialised United Nations agency based in Rome which invests in rural areas of developing countries.

It was shared that the two parties, who have been working together since 1978, will create additional synergies, with knowledge sharing and close coordination aimed at increasing the efficiency of co-financed projects.

The cooperation agreement was signed in Vienna at the 2024 OPEC Fund Development Forum by OPEC Fund President Abdulhamid Alkhalifa and IFAD President Alvaro Lario.

OPEC Fund President Abdulhamid Alkhalifa said: “Food security and climate action are cross-cutting strategic themes for the OPEC Fund. We are committed to supporting a sustainable and just energy transition while ensuring vital food supplies worldwide. We will boost our long-standing partnership with IFAD by working faster and smarter to deliver our support where it is needed most.”

Alvaro Lario, President of IFAD, said: “Small-scale food producers understand better than anyone the links between food, water, and energy. Helping them adapt to accelerating climate change requires collaboration between diverse partners.

“OPEC Fund Member States helped found IFAD at a similar moment of crisis and this new agreement presents an excellent opportunity to renew our commitment to those men and women who most provide us all with healthy and nutritious food,” added Lario.

It was noted that the OPEC Fund has been a main contributor to IFAD programs, with US$1.03 billion provided to more than 120 projects to date.

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