Riyadh Global Drought Resilience Partnership secures USD 2.15 bn in commitments

Riyadh [Saudi Arabia], December 3 (ANI/WAM): The Riyadh Global Drought Resilience Partnership, announced today by the Kingdom of Saudi Arabia as UNCCD COP16 host, will leverage public and private finance to support 80 of the most vulnerable and drought-hit countries around the world.
An initial USD 2.15 billion have been pledged towards the Riyadh Partnership by the Kingdom of Saudi Arabia (USD 150 million), the Islamic Development Bank (USD 1 billion) and the OPEC Fund for International Development (USD 1 billion).
The Arab Coordination Group, which encompasses 10 institutions headquartered in five countries, is expected announce its pledge on day two of the 16th Conference of the Parties to the United Nations Convention to Combat Desertification (COP16).
"The Riyadh Drought Resilience Partnership will serve as a global facilitator for drought resilience, promoting the shift from reactive relief response to proactive preparedness. We also seek to amplify global resources to save lives and livelihoods around the world," said Dr Osama Faqeeha, Deputy Minister for Environment, Ministry of Environment, Water and Agriculture of Saudia Arabia and Advisor to the UNCCD COP16 Presidency.
The Partnership will work to source additional funding through voluntary contributions by countries, financial institutions, and philanthropic organisations, among others. The financial and in-kind contributions help least developed countries (LDCs) and lower middle-income countries to unlock access to additional financing through blended financing such as concessional loans, commercial loans, equity participation, savings, insurance and other financial schemes.
The conference opened on Monday, 2nd December with major political and financial commitments to strengthen drought resilience worldwide. Drought, intensified by climate change and unsustainable land practices, has surged by nearly 30 per cent in frequency and intensity since 2000, threatening agriculture, water security, and the livelihoods of 1.8 billion people, with the poorest nations bearing the brunt.
Negotiations on a global drought regime are set to dominate the conference.
Governments are expected to negotiate commitments to enhance resilience at all levels, building on recommendations from the Intergovernmental Working Group on Drought established at COP15. (ANI/WAM)