Stepping up their support for African partner countries ahead of the crucial COP28 climate change conference, the Arab Coordination Group (ACG) announced Thursday that it aims to allocate up to $50 billion to help build resilient infrastructure and inclusive societies in the African continent.
The announcement was made by the Islamic Development Bank President, Dr. Muhammad Al Jasser at the Arab-Africa & Saudi-Africa Summits’ Economic Conference held in Riyadh, Kingdom of Saudi Arabia.
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,” the ACG states in its declaration.
On Behalf of the ACG, Dr. 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.”