Arab Coordination Group (ACG) commits $50 billion for Africa’s sustainable development, emphasizing climate action and inclusive growth. Strategic financial support for key sectors.
In a landmark declaration at the Saudi-Africa Summit, the Arab Coordination Group (ACG) pledges $50 billion to foster resilience and inclusivity in Africa, emphasizing climate action, regional integration, and development effectiveness.
The ACG is a strategic alliance that provides a coordinated response to development finance. Current members are the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.
The strategic move, announced by Islamic Development Bank President Dr. Muhammad Al Jasser at the Saudi-Africa Summit’s Economic Conference, underscores ACG’s dedication to resilient infrastructure, climate mitigation, and inclusive societies in Africa.
ACG – A Comprehensive approach
Acknowledging Africa’s vulnerability to climate change, the ACG, in a joint communiqué, highlighted its commitment to scaling up financial assistance aligned with the Paris Climate Agreement. The $50 billion financing will prioritize critical sectors such as energy security, energy transition, and climate resilience. This approach ensures a multifaceted strategy to address the pressing challenges posed by climate change.
The ACG’s financial commitment will be strategically channeled into diverse initiatives, including regional integration, trade finance, gender and youth initiatives, and enhanced support for fragile states. This approach aims at fostering a holistic and inclusive development agenda, recognizing the interconnectedness of these key areas.
Long term commitment
As a testament to its commitment, the ACG, led by Dr. Al Jasser, emphasizes its sustained support for Africa. With cumulative investments exceeding $220 billion to date, the group reinforces its dedication to collaborative efforts with African nations, regional entities, civil society, and the private sector. This commitment transcends economic support, encompassing shared responsibility for the continent’s sustainable future.
To read more about the summit, click here.