Arab Coordination Group announces $10bn package to support food security goals

Arab Coordination Group announces $10bn package to support food security goals

The Arab Coordination Group (ACG) has announced it will provide an initial $10bn to alleviate the global food supply crisis, while continuing its long-term support towards food security. 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. The Arab Coordination Group comprises 10 national, regional, and international institutions such as 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, 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 Fund for Development and the Saudi Fund for Development. The group coordinates actions, co-finances projects and in many cases, pools resources towards key initiatives with the goal of providing effective and impactful development support through projects and specific programmes. Speaking at a meeting of the ACG Heads of Institutions in Vienna recently, OPEC fund director general Dr Abdulhamid Alkhalifa, said: “With this bold initiative we are taking quick, decisive and