On November 29, 2021, IOFS conducted the online meeting on the establishment of Grain Fund with the participation of government officials of some IOFS Member States: Bangladesh, Niger, Qatar, Tunisia, Turkey and Kazakhstan.
To implement General Assembly resolutions, the IOFS Secretariat has begun preparing a feasibility study for the Grain Fund with a consortium of international consultants led by the Strategic Insights, an international growth strategy and execution management consultancy.
The main purpose of this meeting is to acquaint with the interim results of the consultant's work and to hear the views and visions of the distinguished Member States.
The Grain Fund program goal is to improve food security in the Member States by reducing reliance on global food markets, enhancing agricultural productivity, and mitigating negative consequences through compensation.
In his introductory remarks, H.E. Yerlan A. Baidaulet, Director General of IOFS, stressed the importance of the IOFS 16 approved strategic programs that covered key areas to ensure food security in our Member States. Among these programs the Grain Fund and the OIC Food Security Reserves are the two complementary and most important programs that will be helpful for increasing agricultural productivity to meet challenges of food security as well as enhancing people’s welfare. IOFS assigns a multifaceted task for Grain Fund's program. This aims to provide the possibility of financial support to the agricultural sector of Member States, as well as to establish the mechanisms of food availability at affordable rates and humanitarian relief in Member States.
The meeting was moderated by the Director of the Program and Projects of the IOFS, Dr. Ismail Abdelhamid. Following a presentation by the Strategy Insight on the current study's progress and produced solution options for the Grain Fund's structure and operation the participants shared their vision, wishes, and expectations for the Grain Fund activities.
The feasibility study for the Grain Fund, that would take into consideration all remarks and notices expressed by the Member States at this meeting, is expected to be completed within the coming months.