By Abdulfatah Babatunde
The Arab Coordination Group (ACG) has pledged to increase support for its African partner countries ahead of the crucial COP28 climate change conference.
To this end, ACG on Thursday in Riyadh, Saudi Arabia announced it would allocate up to $50 billion to help build resilient infrastructure and inclusive societies in the African continent.
The President of Islamic Development Bank (IDB), Dr Muhammad Al Jasser, announced this at the Arab-Africa & Saudi-Africa Summits’ Economic Conference held in Riyadh.
Many African countries are particularly vulnerable to climate change, making strengthening climate resilience and adaptation an urgent priority.
In a joint communiqué, the group of ten development institutions states said they recognised the link between sustainable development and climate financing as cross-cutting and complex.
“The ACG reaffirms its commitment to scaling up financial assistance for climate change in line with the Paris Climate Agreement.
“It will help to bridge investment gaps in energy access, including low-carbon energy sources, climate mitigation, adaptation and resilience, as well as food security,” a statement by APO Group read in part.
TheNewsZenith reports that APO Group is the leading Pan-African communication consultancy offering PR and press release distribution services.
The ACG financing will support initiatives in energy security and energy transition, regional integration and connectivity.
It will also assist in trade finance and facilitation as well as gender and youth initiatives.
Other areas of concern are enhancing support for fragile states, development effectiveness, private sector financing, food security, poverty and unemployment.
“We acknowledge the pressing need to address these challenges through timely and coordinated actions,” the ACG states in its declaration.
Read Related News:
ADB approves $190m for Bangladesh’s rural connectivity project
AU advocates blocking illicit finances to boost Africa’s growth
Global trade finance gap hit $2.5 trl – ADB
Al Jasser said IDB’s conviction in promise of Africa, its dynamic societies, and its spirited youth is unwavering.
“Nevertheless, we are aware of the development challenges the continent faces.
“The repercussions of recent global pandemic, challenges of food security and escalating climate crisis,” Al Jasser said.
He said ACG is committed to working with African nations, regional entities, civil society groups and other relevant development institutions.
Long-standing Supporter of African Countries
The group is a long-standing supporter of African partner countries. It has cumulatively invested over $220 billion in the region to date.
“We reaffirm our commitment to supporting the sustainable development of countries in Africa,” the statement further reads.
TheNewsZenith reports that ACG is a strategic alliance that provides coordinated responses to development finance.
Members are Abu Dhabi Fund for Development, Arab Bank for Economic Development in Africa, Arab Fund for Economic and Social Development.
Others are Arab Gulf Programme for Development, Arab Monetary Fund, Islamic Development Bank and Kuwait Fund for Arab Economic Development.
Also in the group are the OPEC Fund for International Development, Qatar Fund for Development and Saudi Fund for Development.
Do you have a flair for Citizenship Journalism? Share story(ies) of happenings in your area with The NewsZenith on WhatsApp: 08033668669 or thenewszenith@gmail.com
