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Arab Coordination Group launches $10bln relief plan for global food crisis

June 23, 2022
finance & economy

ACG comprises 10 national, regional, and international institutions

The Arab Coordination Group (ACG) has pledged $10 billion for immediate relief of the global food supply crisis and the long-term support of impacted nations, Saudi Gazette reported on June 20th.

ACG comprises 10 national, regional, and international institutions including 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 Program for Development, and the Arab Monetary Fund.

The ACG is set to unveil all details of its action plan at the 2022 United Nations Climate Change Conference (COP27) in Egypt’s Sharm el-Sheikh.

The OPEC Fund for International Development, another member of the ACG, previously announced a $1 billion plan for food security to be executed over the next three years.

The fund’s immediate assistance will cover imports of basic commodities including seeds, grains, and fertilizers.

“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 address urgently. As a dedicated ACG member, the OPEC Fund fully stands by this commitment,” the ACG Heads of Institutions in Vienna and Director General of the OPEC Fund Abdulhamid Alkhalifa commented.