Finland allocates additional funding to WFP to support Black Sea Grain Initiative

(MENAFN) Finland provides additional funding to WFP to support the Black Sea Grain Initiative, which aims to address food insecurity in countries affected by the global food crisis. The Finnish government allocated EUR 5 million to WFP for the implementation of the initiative, which supports Ukraine's grain exports and enables WFP to deliver humanitarian assistance to affected countries.

Minister for Development Cooperation and Foreign Trade Ville Skinnari stated that Ukraine will benefit from the initiative by gaining income, while countries with grain shortages will receive the much-needed grain. The Black Sea Grain Initiative, which Finland supported last year, stabilizes global food prices by financing grain shipments from Ukraine to Somalia.

Through the initiative, WFP purchases Ukrainian grain, processes and clears it through customs, and distributes it to the Horn of Africa and other regions.

At a meeting in Istanbul in November 2022, Ukraine, the United Nations, and Turkey extended the initiative for another 120 days, starting from the initiative's launch on July 22, 2022. The first shipment of Ukrainian grain under the initiative left the port of Odesa on August 1. With Finland's additional funding, WFP can continue supporting Ukraine's grain exports, addressing global food insecurity and stabilizing food prices.

MENAFN22022023000045014228ID1105617667