The Arab Coordination Group (ACG), a strategic alliance dedicated to coordinated responses in development finance, has pledged a $50 billion donation for the construction of climate-resilient infrastructure and inclusive societies in Africa.
Muhammad Al Jasser, the president of the Islamic Development Bank (IsDB), made this announcement during the Economic Conference of the Arab-Africa and Saudi-Africa Summits held in Riyadh, Kingdom of Saudi Arabia, according to a statement released by the IsDB on Friday.
Al Jasser emphasized the ACG’s commitment to collaborating with African nations to tackle development challenges heightened by the impacts of climate change.
According to 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 further stated that, recognizing the susceptibility of African nations to climate change, the consortium of ten development institutions within the ACG restated their dedication to increasing financial support to enhance climate resilience and adaptation efforts 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 the ACG as saying.
The statement also mentioned that the fund will support projects in various sectors, including energy security and transition, regional integration and connectivity, trade finance and facilitation, gender and youth initiatives, increased support for fragile states, improved development effectiveness, private-sector financing, food security, and efforts to address poverty and unemployment.
Highlighting the group’s enduring partnership with Africa and its extensive support of over US$220 billion to the continent to date, the declaration from the ACG emphasized the need to address these challenges through timely and coordinated actions.