Saudi Arabia Says it is a ‘Critical’ Moment to Tackle Land Degradation, Drought

Saudi Arabia will assume the next UNCCD Presidency
Saudi Arabia will assume the next UNCCD Presidency
TT

Saudi Arabia Says it is a ‘Critical’ Moment to Tackle Land Degradation, Drought

Saudi Arabia will assume the next UNCCD Presidency
Saudi Arabia will assume the next UNCCD Presidency

With less than one month until the sixteenth session of the Conference of Parties (COP16) of the UN Convention to Combat Desertification (UNCCD) starts in Riyadh, Saudi Arabia, which will assume the next UNCCD Presidency, has called on the international community to deliver robust action on drought resilience and land restoration.
The appeal comes as data highlights the urgency of the crisis, with an area of land larger than Ireland, more than 71,000 square kilometers, expected to be degraded in the world before the conference begins on December 2, according to UNCCD data.
“COP16 in Riyadh is a critical moment for the international community to address land degradation if we are to meet the UNCCD target of restoring 1.5 billion hectares of land by 2030,” said Saudi Deputy Minister for Environment at the Ministry of Environment, Water and Agriculture and Advisor to the COP16 Presidency Dr. Osama Faqeeha.
“As the hosts, we are calling on all parties to come to Riyadh ready to increase their ambition by strengthening land restoration targets, bolstering drought resilience initiatives, and enhancing land tenure rights.”
Countries have been adopting voluntary Land Degradation Neutrality (LDN) targets since 2015, in line with UN Sustainable Development Goals. Currently, over 130 countries have participated in the LDN Target Setting Program, with more than 100 having already chosen their targets.
Saudi Arabia’s incoming UNCCD Presidency will be an occasion to seek to increase the number of countries signed up to LDN targets, and strengthen their ambition and implementation.
UNCCD estimates that $44 trillion of economic output – more than half of global annual GDP – is moderately or highly reliant on natural capital. Meanwhile, every dollar invested in restoration could yield up to $30 in economic returns, unlocking a potential trillion-dollar restoration economy.
To help overcome challenges, COP16 in Riyadh will be the first UNCCD COP to feature a Green Zone. The Green Zone will provide a platform for businesses, scientists, financial institutions, NGOs, the public, and impacted communities to collaborate on finding lasting solutions.
Seven thematic days will be held during the conference to help hone dialogue and outcomes, with topics including land restoration, governance, agri-food systems, resilience, finance and science, technology and innovation.



Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
TT

Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro

Pakistan is set to receive a loan of $20 billion from the World Bank over the next 10 years, aimed at improving the country’s key sectors, sources told Geo News on Saturday.

According to sources in the Ministry of Economic Affairs, the loan will be part of the World Bank's support under the Country Partnership Framework 2025-35, which focuses on sustainable economic development.

The loan is expected to be approved by the WB's Board of Directors on January 14. Once approved, Martin Raiser, the lender's Vice President, is expected to visit Islamabad to discuss the loan program and its implementation.

In addition to the $20 billion, two subsidiary entities of the World Bank will assist Pakistan in securing another $20 billion in private loans.

This would bring the total financial package to $40 billion, which will be allocated towards infrastructure development, climate resilience projects, and improving social services.

Meanwhile, The News newspaper reported that the government, in its bid to achieve an economic revival, has launched the National Economic Transformation Plan which aims to achieve ambitious economic targets, including doubling GDP growth and halving poverty over a five-year period.

The plan envisages attracting $29 billion anticipated investment under the supervision of the Special Investment Facilitation Council (SIFC) including $10 billion from the UAE, $5 billion from Saudi Arabia, $2 billion from Qatar, $2 billion from Azerbaijan, and $10 billion from Kuwait.

Meanwhile, the gross domestic product (GDP) target has been set at 6% of the GDP till the Fiscal Year 2028-29 whereas the per capita income in dollar terms is projected to go up to $2,405 from $1,680.