ACG gives $50bn for climate-resilient infrastructure in Africa 

The Arab Coordination Group (ACG), a strategic alliance focused on coordinated responses in development finance, has committed a generous $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), announced this significant pledge during the Economic Conference of the Arab-Africa & Saudi-Africa Summits held in Riyadh, Kingdom of Saudi Arabia.

Al Jasser underscored the ACG’s dedication to collaborating with African nations to address development challenges that have been exacerbated by the impacts of climate change. He expressed unwavering confidence in Africa’s promise, dynamic societies, and vibrant youth, while acknowledging the continent’s challenges stemming from the recent global pandemic, food security issues, and the escalating climate crisis.

The ACG, comprising ten development institutions, affirmed its commitment to increasing financial support to enhance climate resilience and adaptation efforts in Africa. Recognising the vulnerability of African nations to climate change, the group reiterated its dedication to scaling up financial assistance in alignment with the Paris Climate Agreement.

The pledged funds will support projects across 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.

The statement from the ACG emphasised its enduring partnership with Africa, highlighting its extensive support of over $220 billion to the continent to date. It stressed the need for timely and coordinated actions to address the complex challenges facing the continent. This substantial financial commitment reflects a collaborative effort to foster sustainable development and climate resilience in African nations.