Arab Coordination Group (ACG) has promised to donate $50 billion to fund the development of climate-resilient infrastructure and foster inclusive societies across Africa.
Gatekeepers News reports that in a statement by the Islamic Development Bank (IsDB) on Friday, Muhammad Al Jasser (pictured), IsDB President, announced this at the Arab-Africa & Saudi-Africa Summits’ Economic Conference held in Riyadh, Kingdom of Saudi Arabia.
He said the ACG is committed to working with African countries to address development challenges that are being exacerbated by climate change.
“Our conviction in the promise of Africa, its dynamic societies, and its spirited youth is unwavering,” Al Jasser was quoted as saying.
“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 statement added that given the vulnerability of African countries to climate change, the group of ten development institutions under the ACG, reaffirmed their commitment to scaling up finance to strengthen climate resilience and adaptation on the continent.
“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,” the statement quoted ACG as saying.
The $50 billion fund is slated to bolster initiatives across critical sectors, including energy security and transition, regional integration, trade facilitation, gender and youth empowerment, support for fragile states, development effectiveness, private-sector financing, food security, and poverty alleviation.
Citing the group’s longstanding partnership with Africa and its substantial support exceeding US$220 billion to date, the ACG aims to make a transformative impact by fostering resilience, sustainability, and inclusive growth across the continent.
