Arab Coordination Group Commits $50 Billion for Africa’s Growth
The Arab Coordination Group (ACG) declared on Thursday, November 9, 2023, its plan to allocate a significant $50 billion towards bolstering strong infrastructure and inclusive communities in Africa.
This commitment aims to offer heightened support to African partner nations, especially ahead of the crucial COP28 climate change conference.
Dr. Muhammad Al Jasser, President of the Islamic Development Bank, revealed this plan during the economic conference of the Arab-Africa and Saudi-Africa Summits, held in Riyadh, Kingdom of Saudi Arabia.
Considering the vulnerability of numerous African nations to climate change, prioritizing the reinforcement of climate resilience and adaptation becomes paramount.
The ACG reiterates its dedication to amplifying financial aid for climate change in alignment with the Paris Climate Agreement. Their focus remains on bridging investment gaps in energy accessibility, emphasizing low-carbon energy sources, climate management, adaptation, resilience, and ensuring food security.
This unified stance was emphasized in a collective statement by the group, which consists of ten development institutions.
The ACG financing is set to support various initiatives, including energy security and transition, facilitating trade finance, promoting gender and youth initiatives, offering increased support for fragile states, improving development efficiency, securing funds from the private sector, ensuring food security, and addressing poverty and unemployment.
In their official statement, the ACG recognizes,
“We acknowledge the pressing need to address these challenges through timely and coordinated actions.”
Al Jasser, speaking on behalf of the ACG, emphasized,
“Our conviction in the promise of Africa, its dynamic societies, and its spirited youth is unwavering”
Nevertheless, they acknowledge the obstacles hindering the continent’s progress, such as the ongoing climate crisis, the aftermath of the recent global pandemic, and the complexities of ensuring food security.
Their commitment lies in close collaboration with various development agencies, the business sector, civil society organizations, and African nations.
Consistently, the organization has backed its African partner nations and has already invested over $220 billion in the region. The statement asserts,
“We reaffirm our commitment to supporting the sustainable development of countries in Africa.”
The ACG represents a strategic alliance offering a synchronized approach to development funding.
The current members include 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, the Saudi Fund for Development, 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, and the Islamic Development Bank.
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