The Arab Coordination Group (ACG) Institutions will meet for their first in-person meeting since COVID-19 in Vienna on the 20th of June, and will be hosted by the OPEC Fund for International Development. The group, a union of 10 national, regional and multi-national development institutions that collaborate on development projects and operations, will discuss their collective financial commitment towards addressing urgent challenges and sustainable long-term solutions across energy transition, increasing climate resilience and promoting energy and food security across the globe.
The members of the Arab Coordination Group are 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, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Development Fund and the Saudi Fund for Development.
The meeting will discuss a coordinated response to the global crisis in food, energy, and its impact on the financial market and the economy of our partner countries and communities already battered by recurring challenges including climate change and the COVID-19 pandemic.
We, the Heads of Arab Coordination Group (ACG) Institutions, meeting on 20 June 2022, in Vienna at the OPEC Fund for Development’s Headquarters, have agreed on a coordinated response to the global food crisis and its impact on the livelihoods of partner countries and communities already battered by compounded challenges including climate change, energy shortage and the COVID-19 pandemic impacts:
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Note with deep concern the emergence of the current global crisis in food security and the sharp increase in fuel, food and fertilizer prices, which are profoundly disrupting food value chains and further exacerbating an already dire situation, aggravating poverty in many countries.
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Acknowledge the impacts of this crisis on member and partner countries and the pressing need to address availability, access and stability of food supply through urgent coordinated action.
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Recognize that developing joint solutions to the global food crisis is crucial to address the underlying challenges that led to the current crisis, and that responding to this ongoing challenge is a prerequisite for achieving the Agenda 2030.
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Reaffirm our commitment to act with urgency, at scale, to respond to the global food crisis and cross-cutting challenges affecting the livelihoods of millions of people around the world.
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Commend the swift action taken by ACG members and other international financial institutions, as well as the Kingdom of Saudi Arabia’s leadership role to drive immediate support to countries most affected by the global food crisis in the developing world.
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Emphasize that joint efforts to ensure food security should focus on providing financial assistance to strategic sectors and industries affected by the global food crisis.
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Reiterate the need for a holistic approach and coordinated strategy, guided by the Agenda 2030 and resilience principles, to design solutions to both immediate and long term needs of member and partner countries to address the crisis and to utilize available resources in the most efficient way.
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Highlight the importance of deploying all available financing modalities, including grants, loans, budgetary support, private sector financing, trade finance, technical assistance and capacity development programmes in order to support developing countries in their recovery efforts.
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Undertake to jointly allocate US$10 billion minimum to support partner countries, through a three-pronged approach focused on immediate, medium and long-term timeframes to ensure a comprehensive response to the crisis and help build long term resilience.