IOFS conducts online meeting on the establishment of Grain Fund

On November 29, 2021, IOFS held an online meeting on the establishment of the Grain Fund, with government representatives from Bangladesh, Niger, Qatar, Tunisia, Turkey, and Kazakhstan in attendance.

The IOFS Secretariat has commenced drafting a feasibility assessment for the Grain Fund with a consortium of international experts lead by Strategic Insights, a worldwide growth strategy and execution management firm, to implement General Assembly resolutions.

The major goal of this meeting is to familiarize the distinguished Member States with the intermediate findings of the consultant’s work and to hear their perspectives and visions.

The purpose of the Grain Fund program is to increase food security in Member States by reducing reliance on global food markets, increasing agricultural production, and compensating for negative repercussions.

H.E. Yerlan A. Baidaulet, Director General of IOFS, emphasized the importance of the IOFS 16 approved strategic programs, which covered critical areas to ensuring food security in our Member States, in his opening remarks. The Grain Fund and the OIC Food Security Reserves are two complementary and significant programs that will aid in growing agricultural production and addressing food security concerns while also improving people’s welfare.

Grain Fund’s program is given a multifarious responsibility by IOFS. This aims to give financial assistance to Member States’ agricultural sectors, as well as to build mechanisms for cheap food availability and humanitarian aid in Member States.

Dr. Ismail Abdelhamid, Director of the IOFS’ Program and Projects, moderated the discussion. Following a presentation by Strategy Insight on the current study’s progress and solution alternatives for the Grain Fund’s structure and operation, participants discussed their vision, wishes, and expectations for the Grain Fund’s operations.

The feasibility study for the Grain Fund, which will take into account all of the Member States’ views and notices at this meeting, is expected to be completed in the following months.