By Yemi Olakitan
The Arab Coordination Group (ACG) announced on Thursday, November 9, 2023, that it intends to allocate up to $50 billion to help build resilient infrastructure and inclusive societies in the African continent, stepping up their support for African partner countries ahead of the critical COP28 climate change conference.
Dr. Muhammad Al Jasser, President of the Islamic Development Bank, made the announcement at the economic conference of the Arab-Africa & Saudi-Africa Summits, which took place in Riyadh, Kingdom of Saudi Arabia.
Due to the high vulnerability of many African nations to climate change, enhancing climate resilience and adaptation must be given top attention.
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 group of ten development institutions made this recognition clear in a joint communiqué.
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Initiatives in the areas of energy security and energy transition, trade finance and facilitation, gender and youth initiatives, enhanced support for fragile states, improved development effectiveness, financing from the private sector, food security, and poverty and unemployment will all be supported by the ACG financing.
In its statement, the ACG says, “We acknowledge the pressing need to address these challenges through timely and coordinated actions.”
“Our conviction in the promise of Africa, its dynamic societies, and its spirited youth is unwavering,” stated Al Jasser on behalf of the ACG. However, we are fully aware of the obstacles to the continent’s development, including the ongoing climate catastrophe, the effects of the recent worldwide pandemic, and the difficulties associated with ensuring food security. We are dedicated to collaborating closely with other development agencies, the commercial sector, civil society organizations, and African countries.
The organization has consistently supported its African partner nations and has so far made over $220 billion in investments there. The statement says, “We reaffirm our commitment to supporting the sustainable development of countries in Africa.”
ACG is a strategic partnership that offers a coordinated approach to financing 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, the Saudi Fund for Development, 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 Programme for Development, the Arab Monetary Fund, and the Islamic Development Bank are the current members.
