The Arab Coordination Group (ACG) has committed $50 billion to build climate-resilient infrastructure and promote inclusive societies in Africa.
ACG actively focuses on coordinating responses in development finance to make sustainable and impactful contributions to Africa’s growth.
Muhammad Al Jasser, the president of the Islamic Development Bank (IsDB), revealed this commitment in Riyadh.
He made this announcement through a statement released by IsDB, during the Economic Conference of the Arab-Africa & Saudi-Africa Summits.
Al Jasser emphasized ACG’s dedication to actively collaborate with African nations in addressing development challenges exacerbated by climate change.
“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.”
Empowering Africa’s Resilience
The statement further highlighted the vulnerability of African nations to climate change.
The ten development institutions in the ACG reaffirmed their commitment to boost financial support for climate resilience in Africa.
“Recognizing that the link between sustainable development and climate financing is cross-cutting and complex.
“ACG reaffirms its commitment to scaling up financial assistance for climate change in line with the Paris Climate Agreement,” the statement read.
The fund will also support projects in energy security, regional integration, trade finance, gender initiatives, and more.
Moreover, it aims to address issues like poverty, unemployment, fragile states, and enhance development effectiveness through private-sector financing and other initiatives.
The ACG declaration highlighted its enduring partnership with Africa, offering over US$220 billion in extensive support to the continent.
The group further emphasized the need for timely and coordinated actions and addressing challenges in collaboration with Africa.