At the meeting of the Arab Coordination Group (ACG) Heads of Institutions in Vienna, the Group has taken a decision to provide US$10 billion to respond to the food supply crisis. The article recalls recent UN data that approximately 49 million people worldwide are at risk of falling into famine.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa at the meeting noted that this initiative is an urgent action to avert the danger of hunger. The fund is aimed to cover import costs of basic commodities such as seeds, grains, and fertilizers and to support medium and long-term security of food supply inrelated countries.
The ACG consists of several regional, and international organizations such as 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 Development Fund; and the Saudi Fund for Development.This group aside from food crisis issues also determined to implement impactful actions towards mitigating climate crisis. The group is planning to initiate an action plan at the upcoming UN Climate Conference COP27 in Egypt.
In a recent joint announcement, the Group stated strong commitments to determine global food crisis, energy security, post pandemic challenging global economic situation and to launch joint interventions to combat the crisis through the utilization of allocated resources.
The original article is on the Islamic Development Bank website: https://www.isdb.org/news/arab-coordination-group-acg-institutions-launch-food-security-action-with-initial-us10-billion-package