The Arab Coordination Group (ACG) has declared its intention to allocate up to US$50 billion to bolster resilient infrastructure and promote inclusive societies across the continent.
The announcement, made by Dr. Muhammad Al Jasser, President of the Islamic Development Bank, took place during the Economic Conference at the Arab-Africa & Saudi-Africa Summits held in Riyadh.
“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.” Stated Dr. Al Jasser.
The ACG's financing will encompass crucial areas such as energy security and transition, regional integration and connectivity, trade finance and facilitation, gender and youth initiatives, support for fragile states, development effectiveness, private-sector financing, food security, and poverty and unemployment.
“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,” added Dr. Al Jasser.
The ACG, comprising institutions like the Islamic Development Bank and the OPEC Fund for International Development, has a robust history of supporting African partner countries, with cumulative investments exceeding US$220 billion. The group underscores its unwavering commitment to fostering sustainable development across the continent.
“We acknowledge the pressing need to address these challenges through timely and coordinated actions,” the ACG states in its declaration, emphasizing the urgency of collaborative efforts to address the imminent challenges faced by African nations.
As the world anticipates the COP28 climate-change conference, the ACG's substantial financial commitment marks a crucial step towards creating a more resilient and equitable future for Africa, reinforcing the theme of cooperation at the heart of the Saudi-Arab-African Economic Conference.
