(MENAFN- Trend News Agency)
The Arab Coordination Group (ACG) is taking action in response
to the global food supply crisis. As a first step, the group is
providing an initial US$10 billion for immediate relief and
long-term support. According to the latest estimates by the United
Nations, about 49 million people worldwide are at risk of falling
into famine conditions in the months ahead.
Speaking after hosting a meeting of the ACG Heads of
Institutions in Vienna today, OPEC Fund Director-General
Dr. Abdulhamid Alkhalifa , said:“With this bold initiative
we are taking quick, decisive and forceful action. Millions of
people are facing hunger today, and this is something we simply
must address urgently. As a dedicated ACG member the OPEC Fund
fully stands by this commitment.”
The amount of a minimum US$10 billion represents the total of
the ACG members' commitments. Among those, the OPEC Fund already
announced a US$1 billion“Food Security Action Plan” to be deployed
over the next three years as immediate assistance to cover the
import costs of basic commodities such as seeds, grains and
fertilizers, while supporting medium and long-term security of food
supply in partner countries.
The ACG commended other international financial institutions as
well as the Kingdom of Saudi Arabia's leadership role to drive
immediate support to countries most affected by the global food
crisis in the developing world.
The Arab Coordination Group comprises 10 national, regional, and
international institutions amongst them being, the Abu Dhabi Fund
for Development, the Arab Bank for Economic Development in Africa,
the Arab Fund for Economic and Social Development, the Arab Gulf
Programme for Development, the Arab Monetary Fund, the Islamic
Development Bank (IsDB) which is the AAA-rated multilateral
development bank (MDB) of the Global South, the Kuwait Fund for
Arab Economic Development, the OPEC Fund for International
Development, the Qatar Fund for Development and the Saudi Fund for
Development. The Group coordinates actions, co-finances projects
and in many cases pools resources towards key initiatives with the
goal of providing effective and impactful development support
through projects and specific programs.
Addressing the climate crisis, the Group also agreed to provide
financing to mitigate the impact of climate change and strengthen
climate resilience. The Group will launch a detailed action plan at
the next UN Climate Conference COP27 in November in Egypt. The
initiative will include a collective financial commitment and a
roadmap to accelerate energy transition, increase climate
resilience and promote energy security.
In a joint communiqué, ACG members expressed“grave concern”
about the current global crisis in food and energy security,
exacerbating the already challenging global economic situation
following the COVID-19 pandemic. The Group reaffirmed its intention
to“act with urgency, at scale, and in coordination to respond to
the global crisis and its cross-cutting challenges affecting or
threatening to affect the livelihoods of millions of people around
the world” and to“design joint interventions to combat the crisis
through utilization of allocated resources, including joint and
New brand for the ACG reflects common purpose and
ACG also launched a refreshed brand identity and logo, which
reflects the common values and objectives of the development
finance group. The new logo embodies the shared values of
collaboration, excellence, trust and sustainability. A new web site
[theACG.org] will enhance visibility of the Group's activities and
strengthen its recognition, thus deepening its impact.
The Arab Coordination Group (ACG) is a strategic alliance that
provides a coordinated response to development finance. Through
knowledge-sharing, combined expertise, and effective assistance,
the Group assists developing countries in reaching their economic
and social development objectives. Since its establishment in 1975,
ACG has been instrumental in developing economies and communities
for a better future, providing more than 11,000 development loans
in the public sector to over 160 countries around the globe.
Through effective coordination and collaboration, the Group
provides a wide range of targeted solutions and optimized
deployment of resources to meet the development needs of nations.
As the second-largest donor group in the world, ACG is committed to
delivering innovative development finance solutions that assist
developing countries, and have a positive and sustainable impact on
ACG comprises four bilateral and six multilateral Arab
development financial institutions: Abu Dhabi Fund for Development,
Arab Bank for Economic Development in Africa, Arab Fund for
Economic and Social Development, Arab Gulf Program for Development,
Arab Monetary Fund, Islamic Development Bank, Kuwait Fund for Arab
Economic Development, OPEC Fund for International Development,
Qatar Fund for Development, and Saudi Fund for Development.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.