The Arab Coordination Group (ACG) has announced $50bn of investments in Africa.
Increasing their support for African partner countries ahead of the crucial COP28 climate-change conference, the Arab Coordination Group (ACG) said it aims to allocate up to $50bn to help build resilient infrastructure and inclusive societies in Africa.
The announcement was made by Islamic Development Bank President Dr. Muhammad Al Jasser at the Arab-Africa and Saudi-Africa Summits’ Economic Conference held in Riyadh.
Arab-Africa investments
Many countries in the continent are particularly vulnerable to climate change, making strengthening climate resilience and adaptation an urgent priority.
The group of ten development institutions said: “Recognising 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
- 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
- Poverty
- Unemployment
“We acknowledge the pressing need to address these challenges through timely and coordinated actions,” the ACG said.
Al 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.”
The group has been a longstanding supporter of partner countries in the continent and has cumulatively invested more than $220bn in the region to date.
The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Current members are:
- Abu Dhabi Fund for Development
- Arab Bank for Economic Development in Africa
- Arab Fund for Economic and Social Development
- Arab Gulf Program for Development
- Arab Monetary Fund
- Islamic Development Bank
- Kuwait Fund for Arab Economic Development
- OPEC Fund for International Development
- Qatar Fund for Development
- Saudi Fund for Development
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