The Coordination Group of Arab National and Regional Development Institutions has pledged to raise U.S. $1 billion for the victims of tsunami disaster which struck the Indian Ocean region last month, Arab News reported today.
At a meeting in Riyadh hosted by Prince Talal bin Abdulaziz, president of the Saudi-based Arab Gulf Program for United Nations Development Organizations (AGFUND), the Coordination Group pledged to raise $1 billion for reconstruction programs in the tsunami-hit countries. In concert with United Nations agencies and international relief groups, the Group will identify and evaluate urgent projects in need of reconstruction, including educational institutions, hospitals, water supply systems and sewerage facilities.
The Coordination Group of Arab National and Regional Development Institutions is a collective entity set up in 1975 to provide greater cohesion and effectiveness in the delivery of Arab aid. The Groups is made up of the Sudan-based Arab Bank for Economic Development in Africa (BADEA), the Kuwait-based Arab Fund for Economic and Social Development, the Saudi-based Arab Gulf Program for United Nations Development Organizations (AGFUND), the Saudi-based Islamic Development Bank, OPEC Fund for International Development, the Abu Dhabi Fund for Development, the Kuwait Fund for Arab Economic Development and the Saudi Fund for Development.