Arab coordination group commits $50 billion to support African development
The Arab Coordination Group (ACG) has announced plans to provide up to $50 billion in support to African partner countries in preparation for the critical COP28 climate change conference. Dr. Muhammad Al Jasser, President of the Islamic Development Bank, made this announcement during the Arab-Africa & Saudi-Africa Summits’ Economic Conference in Riyadh, Saudi Arabia.
This substantial financial commitment aims to help African nations strengthen their infrastructure and create more inclusive societies, given their vulnerability to climate change. The ACG emphasizes its dedication to aligning climate financing with the Paris Climate Agreement and addressing investment gaps in various areas, including energy access, climate adaptation, and food security. The ACG’s financing will contribute to initiatives spanning energy security, regional integration, trade facilitation, gender and youth empowerment, private sector support, and more, reflecting a commitment to timely and coordinated actions to address pressing challenges.