VIENNA, June 20, 2022 /PRNewswire/ — The Arab Coordination Group (ACG) is taking action in response to the global food supply crisis. At first, the group provides a first 10 billion US dollars 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 CAG Heads of Institutions in Vienna Today, the Managing Director of the OPEC Fund, Dr. Abdulhamid Alkhalifasaid: “With this bold initiative, we are taking swift, decisive and decisive action. Millions of people face hunger today, and it is a problem that we simply must urgently tackle. As a dedicated member of the ACG, the OPEC Fund fully delivers on that commitment.”
The amount of a minimum 10 billion US dollars represents the total commitments of CAG members. Among these, the OPEC Fund has already announced a 1 billion US dollars “Food Security Action Plan” to be rolled out over the next three years as immediate assistance to cover the cost of importing basic commodities such as seeds, cereals and fertilizers, while supporting the medium and long-term security of food supply in partner countries.
The ACG commended other international institutions, as well as the of the Kingdom of Saudi Arabia leadership role in providing immediate support to countries most affected by the global food crisis in the developing world.
The Arab Coordination Group includes the Abu Dhabi Fund for Development, the 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, Qatari Development Fund and Saudi Bank Development Fund. The Group coordinates actions, co-finances projects and, in many cases, pools resources around key initiatives with the aim of providing effective and impactful development support through specific projects and programs.
Faced with the climate crisis, the Group is also committed to providing financing to mitigate the impact of climate change and strengthen climate resilience. The Group will launch a detailed action plan at the next United Nations 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 address the crisis through the use of allocated resources, including joint and parallel co-financing”.
CAG’s new brand reflects shared purpose and values
ACG also launched a renewed brand identity and logo, which reflects the common values and goals of the development finance group. The new logo embodies the shared values of collaboration, excellence, trust and sustainability. A new website [theACG.org] will enhance the visibility of the Group’s activities and enhance its reputation, thereby strengthening its impact.
About the Arab Coordination Group
The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to financing for development. By sharing knowledge, pooling expertise and providing effective assistance, the Group helps developing countries achieve their economic and social development goals. Since its inception in 1975, ACG has been instrumental in building economies and communities for a better future, providing more than 11,000 public sector development loans to more than 160 countries around the world.
Through effective coordination and collaboration, the Group offers 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 providing innovative development finance solutions that help developing countries and have a positive and lasting impact on global issues.
The ACG comprises four bilateral and six multilateral Arab development financial institutions: the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in AfricaArab 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 the development.
SOURCE Arab Coordination Group