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‘Arab Coordination Group’ pledges $10 billion by 2030 to tackle desertification and drought challenges

The Arab Coordination Group, including the Kuwait Fund for Arab Economic Development, highlighted that restoring degraded land and combating desertification will preserve ecosystems and secures livelihoods.

  • The group will leverage innovative financing tools, mobilize resources, and strengthen partnerships to support sustainable land management, biodiversity conservation, and food security.

  • It will also advance land restoration efforts and strengthen resilience in the face of climate change.

The Arab Coordination Group, a strategic alliance of ten prominent development finance institutions, including the “Kuwait Fund for Arab Economic Development”, announced a historic commitment of up to $10 billion by 2030, to combat the critical challenges of land degradation, desertification, and drought.

This announcement was made during the ministerial dialogue on financing, titled “Unleashing Public and Private Financing for Land Restoration and Resilience in the Face of Drought” at the 16th session of the Conference of the Parties (COP16) of the “United Nations Convention to Combat Desertification (UNCCD)” that was held in Riyadh, Saudi Arabia.

This transformative commitment, made as part of a joint statement issued by the heads of the institutions within the Arab Coordinating Group, aims to advance land restoration efforts, enhance resilience against climate change, and promote the positive development of nature in vulnerable areas.

Members of the Arab Coordination Group will work to leverage innovative financing tools, mobilize resources, and strengthen partnerships to support sustainable land management, biodiversity conservation, and food security, particularly in the Middle East, North Africa, and the Sahel region.

On this occasion, President of the Islamic Development Bank Group, speaking on behalf of the Arab Coordination Group, Dr. Mohammed Al-Jasser, said that the Arab Coordination Group’s pledge of $10 billion confirms their shared determination to address some of the most pressing challenges in these times.

Moreover, by restoring degraded land and combating desertification and drought, not only will the ecosystems be preserved, but also livelihoods will be secured and enhance resilience in the world’s most vulnerable communities, Dr. Al-Jasser added.

The group’s new pledge builds on its previous commitments, including the $50 billion promised in Riyadh in November 2023, to support resilient infrastructure and inclusive communities in Africa; The $24 billion in climate finance announced at the 27th Conference of the Parties in November 2022; and The $10 billion food security action package unveiled in June 2022.

The Saudi-led Arab Coordination Group approved the promotion of key global environmental initiatives, including green initiatives in Saudi Arabia and the Middle East, as well as the G20 Global Land Initiative.

These programs serve as key criteria for global cooperation, highlighting the importance of coordinated efforts to promote land restoration and climate adaptation.

IFAD and Kuwait: Strengthening efforts to support farmers

The International Fund for Agricultural Development (IFAD) and the Kuwait Fund for Arab Economic Development; signed a co-financing agreement to strengthen efforts in supporting small farmers and enhancing food security.

The signing ceremony took place yesterday in Riyadh during the sixteenth session of the Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification.

Importantly, under the agreement, the Kuwait Fund and IFAD will strengthen their coordination and cooperation to identify suitable projects for co-financing. They will also regularly review their progress to reach more beneficiaries and improve efficiency levels too.

Moreover, small farmers are crucial in achieving global food security, yet their work is often under-resourced, especially as they struggle to adapt to climate change and agricultural land degradation.

This renewed partnership between IFAD and the Kuwait Fund for Arab Economic Development represents a renewed ambition for healthy rural economies and investments that safeguard food security both today and in the future, said a representative from IFAD.

The Acting Director General of the Kuwait Fund, Waleed Al-Bahar, said that the agreement reflects the mutual consensus between the Fund and IFAD, while continuing to deepen and consolidate their partnership and commitment in enhancing the resilience of small farmers in the face of food insecurity and climate change.

Source: Al Jarida



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