Africa’s inclusive societies and climate-resilient infrastructure will benefit from a $50 billion gift promised by the Arab Coordination Group (ACG), a strategic partnership devoted to coordinated solutions in development finance.
This declaration was made during the Economic Conference of the Arab-Africa & Saudi-Africa Summits held in Riyadh, Kingdom of Saudi Arabia, by Muhammad Al Jasser, president of the Islamic Development Bank (IsDB), according to a statement issued by the IsDB on Friday.
Climate change has created new hurdles for development, and Al Jasser underlined the ACG’s commitment to working with African countries to address these issues.
According to a report Al Jasser,
“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 statement went on to say that the 10 development institutions that make up the ACG reaffirmed their commitment to providing more funding to strengthen climate resilience and adaptation initiatives across Africa in light of the continent’s vulnerability to climate change.
“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 statement added that the fund will support projects in a number of areas, such as efforts to combat poverty and unemployment, trade finance and facilitation, gender and youth initiatives, energy security and transition, increased support for fragile states, improved development effectiveness, private sector financing, and food security.
The ACG statement underlined the necessity of addressing these issues by prompt and coordinated steps while highlighting the group’s long-standing engagement with Africa and its substantial commitment of over US$220 billion to the continent to date.