VIENNA — The Arab Coordination Group (ACG) is taking action in response to the global food supply crisis. Initially, the group is providing an initial $10 billion for immediate relief and long-term support. According to the latest United Nations estimates, around 49 million people worldwide are at risk of falling into starvation conditions in the coming months.
Speaking after hosting a meeting of ACG Heads of Institutions in Vienna on Monday, OPEC Fund Managing Director Dr. Abdulhamid Alkhalifa said: “With this bold move, we are taking swift, decisive and energetic.
“Millions of people face hunger today, and it’s something we simply need to tackle urgently. As a dedicated member of the ACG, the OPEC Fund fully delivers on this commitment.
The amount of a minimum of $10 billion represents the total commitments of CAE members.
Among these, the OPEC Fund has already announced a billion dollar “Food Security Action Plan” to be rolled out over the next three years as immediate assistance to cover the cost of importing commodities such as seeds, grains and fertilizers, while supporting medium and long-term food supply security in partner countries.
The Arab Coordination Group comprises 10 national, regional and international institutions, including the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Program for Gulf for Development, Arab Monetary Fund.
It also includes the Islamic Development Bank (IDB), which is the AAA-rated Multilateral Development Bank (MDB) of the South, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatari Fund for Development and the Saudi Fund. Development funds.
The group coordinates actions, co-finances projects and, in many cases, pools resources towards key initiatives with the aim of providing effective and impactful development support through specific projects and programs.
In the face of the climate crisis, the group has also agreed to provide financing to mitigate the impact of climate change and build climate resilience.
The Group will launch a detailed action plan at the upcoming UN climate conference COP27 in November in Egypt. The initiative will include a collective financial commitment and a roadmap to accelerate the energy transition, increase climate resilience and promote energy security.
In a joint statement, CAG members expressed their “serious concern” over the current global food and energy security crisis, which is worsening the already difficult global economic situation in the wake of the COVID-19 pandemic.
The Group reaffirmed its intention “to act urgently, on a large scale and in a coordinated manner 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 the use of allocated resources, including joint and parallel co-financing.” — SPA