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Establishment of the Food Security Response Facility (SAFE) (Foreign Investment and Loan): Promoting private sector initiatives on food security in developing countries.

Posted on 2023-05-292023-05-29 by Editor in Chief

On May 22, the Japan International Cooperation Agency (JICA) established the Facility for Supporting Agricultural supply chain and Food security Enhancement (SAFE), a loan facility of up to US$1 billion as part of its overseas investment and financing initiatives. The Facility for Supporting Agricultural supply chain and Food security Enhancement (SAFE) was established as part of JICA’s overseas investment and financing efforts.

This facility was established as one of Japan’s contribution initiatives in light of Prime Minister Kishida’s announcement on May 20, 2023 at a side event on the G7 Global Infrastructure Investment Partnership (PGII: Partnership for Global Infrastructure and Investment) that Japan would contribute to the sustainable development of partner countries through public and private infrastructure investment. This facility was established as one of Japan’s contribution initiatives in light of Prime Minister Kishida’s announcement on May 20, 2023 at a side event on the G7 Global Infrastructure Investment Partnership (PGII) that Japan would contribute to the sustainable development of partner countries through public and private infrastructure investment.

Background of the establishment of the Facility

Since the invasion of Ukraine, international food prices (especially for wheat, maize, and other grains) have skyrocketed, affecting people’s lives in Japan. In addition, there are concerns that prices will continue to soar in the future as countries curb food stockpiling and exports amid concerns of irregular harvests in various countries due to climate change. In addition, fertilizer prices have remained high, approximately three times higher than in 2020, due to price hikes in the main raw material, natural gas, and other factors, which are expected to further push up food prices.

In light of this situation, the international community has affirmed its commitment to a coordinated response to food security issues, including global price hikes and shortages of food commodities and fertilizers, and the G7 has also stressed the importance of engaging the private sector in building resilient and sustainable agricultural and food systems.

Facility Summary

The program aims to provide rapid financing for the following projects within the scope of the loan facility.

(1) Food system strengthening/agriculture-related climate change measures (adaptation)

(2) Support for the agricultural sector through loans to financial institutions

(iii) Supporting small farmers through loans to agricultural wholesale trading companies

(4) Emergency assistance for import/export of food, fertilizer, etc. in fragile states, etc.

Total amount of facilities (lines of credit): up to US$1 billion

Financing conditions: Normal financing conditions for overseas investments and loans are applied.

Co-financing: Co-financing with international development finance institutions, bilateral development finance institutions, or G7 advanced interbanks with strong track records is assumed.

Implementation period: 5 years from the establishment of the Facility

The Facility will contribute to SDGs (Sustainable Development Goals) Goal 1 “End Poverty,” Goal 2 “Zero Hunger,” Goal 3 “Health and Welfare for All,” as well as Goal 13 “Tangible Action on Climate Change” through support for climate change adaptation in the agricultural sector.

The Facility is an initiative based on JICA Global Agenda No. 5 “Agriculture and Rural Development (Sustainable Food Systems)”, which aims to strengthen food systems through the private sector and contribute to increasing income and agricultural productivity of small farmers and other vulnerable groups. In particular, the Facility will contribute to strengthening the resilience of Africa’s food and agriculture sector under multiple threats through collaboration with other donors, private companies, and other partners as outlined in the “JICA Africa Food Security Initiative.

JICA, in collaboration with other development finance institutions and the private sector, will support private sector initiatives for food security in developing countries and strive to achieve JICA’s mission of human security and quality growth.

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© Source JICA

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