Arab Coordination Group Pledges USD 50B for Africa
During the Saudi-Arab-African Economic Conference (#SAAEC2023), the Islamic Development Bank President Dr Muhammad Al-Jasser announced that the Arab Coordination Group (ACG) will allocate USD 50 billion to finance the development of Africa.
Broadly speaking, the financing will go towards #EnergyTransition, Regional Integration and #Connectivity, Trade Finance and Facilitation, Gender and Youth Empowerment, #FoodSecurity and so on. One of the priorities of the ACG would be in #ClimateFinance since Africa is home to some of the countries which are most vulnerable to #ClimateChange.
“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 and to helping bridge investment gaps in energy access, including low-carbon energy sources, climate mitigation, adaptation and resilience, as well as food security.”
Islamic Bank of Development President Muhhammad Al-Jasser
Dr Al-Jasser has reiterated the commitment of the ACG to African and underscored that the AGC has cumulatively provided some USD 220 billion to Africa to date. The Arab Coordination Group consists of 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 and Saudi Fund for Development.
“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.”
Islamic Bank of Development President Muhhammad Al-Jasser
Through its financing, the ACG hopes to make a positive impact and contribute to alleviate issues around poverty, unemployment and livelihoods by paying particular attention to #SME.