The European Commission today approved a proposal to mobilize € 600 million from European Development Fund reserves to address the current food security crisis exacerbated by Russia’s invasion of Ukraine.
These funds will support African, Caribbean and Pacific (ACP) countries to address the dire situation through humanitarian aid (€ 150 million), sustainable production and resilience of food systems (€ 350 million) and macro-financial support. (EUR 100 million). ).
Announcing the new support measure, European Commission President Ursula von der Leyen said: “Russia’s war of aggression has a heavy and absurd cost, not only to the Ukrainian people, but also to the most vulnerable around the world. Russia remains “To block millions of tonnes of grain in desperate need. To help our partners, we will mobilize an additional € 600 million to avoid a food crisis and an economic shock.”
Even before the Russian invasion of Ukraine, nearly 193 million people in 53 countries and territories were in acute food insecurity and in urgent need of assistance. “Russia’s attack dramatically worsens the situation,” the commission said.
The funds proposed by the Commission are disbursed funds from the 10th and 11th European Development Funds, which would be returned to the EU Member States, unless otherwise agreed by the Council unanimously. If the Council confirms, these funds will benefit the African, Caribbean and Pacific countries and will be used in the context of a Europe Group response.
In particular, the Commission proposes to direct the € 600 million mobilized from the European Development Fund reserves to support the most affected African, Caribbean and Pacific countries. The 150m euros will go to humanitarian aid. EUR 350 million will be provided in the medium to long term to support investments in sustainable production to support more resilient food systems, including social sustainability (youth and women). In addition, € 100 million in macro-financial support will be provided to the IMF’s Poverty Reduction and Development Fund (PGRT), which will facilitate support to the affected countries.
This € 600 million contribution to the EU Global Food Security Response to the food crisis comes in addition to the already mobilized humanitarian aid worldwide and funds from NDICI-Global Europe for sustainable agriculture, basic food, water and more than € 2 billion in sub-Saharan Africa and another € 1 billion for the Southern Neighborhood partners, complementing the € 225 million area.
Another € 960 million is provided under NDICI-Global Europe for Latin America, the Caribbean and Asia by 2024.
Source: AMPE
Source: Capital
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