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RIYADH: The Organization of Petroleum Exporting Countries is set to pump $1 billion into food supply schemes to support nations affected by Russia’s war with Ukraine.
The new OPEC Fund Food Security Action Plan will assist in covering import costs of basic commodities such as seeds, grains and fertilizers, over the next three years, according to a statement.
It will also channel public and private secret loans and grants to countries hit hardest by the Ukraine war.
The new fund aims to build resilience in agriculture sectors of its partner countries and strengthen regional food value chains against global shocks.