US$10 billion to help its MCs: The Arab Coordination Group unites its efforts to eliminate COVID-19

At the invitation of H.E. Dr. Bandar Hajjar, President of the Islamic Development Bank (IsDB), the Heads of Arab Coordination Group institutions met virtually on 18 May 2020 (25 Ramadan 1441H) to discuss a coordinated initiative to address and mitigate the negative impacts of the novel Coronavirus pandemic on member countries.

At the invitation of H.E. Dr. Bandar Hajjar, President of the Islamic Development Bank (IsDB), the Heads of Arab Coordination Group institutions met virtually on 18 May 2020 (25 Ramadan 1441H) to discuss a coordinated initiative to address and mitigate the negative impacts of the novel Coronavirus pandemic on member countries. the meeting resulted in the allocation of US$ 10 billion to developing countries to support their efforts to recover from the recession caused by the Corona pandemic and its repercussions.

In his keynote speech, Dr. Bandar Hajjar praised the institutions of the Arab Coordination Group and the pivotal role they play in supporting member countries through cooperation and coordinated development assistance, which is promoting the global partnership in achieving sustainable development. “Throughout its forty-odd years of experience the AGC is able to unite our efforts, and enhance cooperation and solidarity with member countries to capture the true meaning of South-South cooperation. We are looking forward to completing this successful process of cooperation, coordination and continuous consultation to enable member countries to confront emerging challenges” he added.

Dr. Bandar Hajjar elaborated on isDB Group efforts in the fight against COVID-19. The Heads of ACG also stressed their determination to cooperate and work together to achieve their common goals. They praised the coordinated initiative to move collectively and work together to contain the pandemic. 

At the end of the meeting, the ACG issued the Communique, which emphasised the importance of employing all financing tools, such as grants, soft loans, technical support, general budget support, financing lines, trade finance, investment insurance, capabilities building of the public and private sectors, and activities related to economic empowerment in order to combat the pandemic.

It is worth noting that the ACG consists of ten development financial institutions: 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 Development Program, the Arab Monetary Fund, the Islamic Development Bank Group, the Kuwait Fund for Arab Economic Development, and OPEC Fund for International Development, Qatar Fund for Development, and the Saudi Fund for Development.