ACG pledges $50 bln for development of African continent

RIYADH: The Arab Coordination Group (ACG), increasing its support for African partner countries ahead of the crucial COP28 Climate Change Conference, announced that it aims to allocate up to US$50 billion to help build resilient infrastructure and inclusive societies in the African continent.
According to SPA, the announcement was made by Islamic Development Bank President Dr. Muhammad Al Jasser at the Arab-Africa & Saudi-Africa Summits’ Economic Conference held in Riyadh, Kingdom of Saudi Arabia the other day.
Many countries in Africa are particularly vulnerable to climate change, making strengthening climate resilience and adaptation an urgent priority.
In a joint communiqué, the group of ten development institutions states: “Recognizing that the link between sustainable development and climate financing is cross-cutting and complex, the ACG reaffirms its commitment to scaling up financial assistance for climate change in line with the Paris Climate Agreement and to helping bridge investment gaps in energy access, including low-carbon energy sources, climate mitigation, adaptation, and resilience, as well as food security.”
The ACG financing will support initiatives in areas such as energy security and energy transition, regional integration and connectivity, trade finance and facilitation, gender and youth initiatives, enhanced support for fragile states, enhanced development effectiveness, private-sector financing, food security, and poverty and unemployment. “We acknowledge the pressing need to address these challenges through timely and coordinated actions,” it stated in its declaration.
On behalf of the ACG, Al Jasser said: “Our conviction in the promise of Africa, its dynamic societies, and its spirited youth is unwavering. Nevertheless, we are acutely aware of the development challenges the continent faces — the repercussions of the recent global pandemic, the challenges of food security, and the escalating climate crisis. We are committed to working hand-in-hand with African nations, regional entities, civil-society groups, the private sector, and fellow development institutions.”
The group has been a longstanding supporter of African partner countries and has cumulatively invested over US$220 billion in the region to date. “We reaffirm our commitment to supporting the sustainable development of countries in Africa,” the statement said.
The ACG is a strategic alliance that provides a coordinated response to development finance. Current members are the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Program for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.

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