Vienna, Austria, 20 June 20, 2022 - The Arab Coordination Group (ACG) is taking action in response to the global food supply crisis. As a first step, the institutions constituting the group are 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 not allow to happen. The Arab Coordination Group is determined to avert this danger whatever it takes and as a dedicated ACG member the OPEC Fund fully stands by this commitment.”
An amount of a minimum of US$10 billion represents the total of the ACG members’ commitments 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 Arab Coordination Group comprises 10 regional, and international organizations amongst them 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 Development Fund; and the Saudi Fund for Development. The Group pools resources and coordinates initiatives with the goal of providing effective and impactful development support through projects and operations.
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 plan will include a collective financial commitment and a roadmap to accelerate the energy transition, increase climate resilience and promote energy security.
In a joint communiqué, the 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 the utilization of allocated resources, including joint and parallel co-financing”.
New brand for the ACG reflects common purpose and values
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 website [theACG.org] will enhance the visibility of the Group’s activities and strengthen its recognition, thus deepening its impact.