RIYADH: The Arab Coordination Group has pledged $10 billion as an immediate and long-term response to food shortages across the globe.
This comes as the UN estimated 49 million people could face famine conditions within the next few months, according to a press release.
“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.” OPEC Fund Director-General Abdulhamid Alkhalifa said after hosting a meeting of the ACG Heads of Institutions in Vienna.
As part of the Group’s response to the climate crisis, it agreed to provide financing for the mitigation of climate change and strengthening climate resilience.
The group will unveil a detailed action plan at the next UN Climate Conference in November in Egypt.
Established in 1975, ACG is a strategic alliance that provides a coordinated response to development finance issues.