Kuwait to launch $ 7.11b Asian food security fund during the Summit of the ACD

Veeramalla Anjaiah, the Jakarta Post, Kuwait City | World | Mon October 15, 2012, 4: 13 PM

Kuwait ruler Amir Sheikh Sabah Al-Ahmad Al-Sabah is expected to announce an initiative to launch a 7.11 billion dollars Asian food security Fund on Tuesday, while the opening of the Asia cooperation dialogue

Top of a Kuwait newspaper (ACD) reported on Sunday.

"Kuwait will donate 500 million Kuwaiti dinar (1.77 billion dollars), showing that the initiative stemmed from food security projects in Kuwait wish to the Asian continent, as well as to develop solutions in support of food security," the Arab Times reported quoting reliable sources in the Government.

It is not clear how the new Fund will get the rest of the money.

It would be based, the daily said, on the model of the Organization of petroleum exporting countries (OPEC).

If the proposal is adopted by the 32 countries in the ACD, the Asian food security fund would be an important milestone in the food sector in Asia, a continent that is home to 4 billion people or 60 percent of the

the world's population.

Indonesia, China, India, Thailand, Pakistan, Bangladesh, the Philippines, Myanmar and Viet Nam are some of the largest producers of staple foods such as rice, wheat, meat, poultry, fish, soy, fruits, vegetables, sugar, maize, palm oil, and so on.

At the same time, Asian countries also the largest consumer of foodstuffs, having regard to the large populations in several Asian countries. The majority of people in most Asian countries heavily dependent on agriculture for both food and their livelihood.

"Development of agriculture is the key to food security, and is regarded as a serious challenge to ensure that all people sufficient food required for a healthy and active life," said the Kuwait Fund for Arab economic development in a statement.

Founded in December 1961, the Kuwait Fund generously supports the agricultural sector in various Arab and non-Arab countries.

According to the website of the www.kuwait-fund.org Fund, Kuwait has so far more than $ 2.35 billion for financing agricultural projects, including the roof Paint irrigation project in Central Viet Nam

that cost the Fund 3.6 million Kuwait Dinars.

Several members of the ACD meeting pent-up kudos on Kuwait for focusing on the safety of food and energy.

"Such as energy security, food security is also very important," Abdurrahman Saleh, a member of the delegation of the Indonesian as Deputy Secretary-General of the National Energy Council said in Kuwait on the sidelines of the meeting.

Indonesia imports large quantities of food items as wheat, soybeans, sugar, fruit and beverages.

Is the third-largest Asian country, Indonesia can get some funding from the Fund planned food safety to improve food production. (iwa)