Arab group pledges $50bn for climate resilient infrastructure in Africa

The Arab Coordination Group (ACG),  a strategic alliance that provides coordinated response to development finance, has promised to donate $50 billion for the building of climate resilient infrastructure and inclusive societies in Africa. 

In a statement by the Islamic Development Bank (IsDB) on Friday, Muhammad Al Jasser (pictured), IsDB president, announced this at the Arab-Africa & Saudi-Africa Summits’ Economic Conference held in Riyadh, Kingdom of Saudi Arabia.

He said the ACG is committed to working with African countries to address development challenges that are being exacerbated by climate change. 

“Our conviction in the promise of Africa, its dynamic societies, and its spirited youth is unwavering,” Al Jasser was quoted as saying. 

“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.”

The statement added that given the vulnerability of African countries to climate change, the group of ten development institutions under the ACG, reaffirmed their commitment to scaling up finance to strengthen climate resilience and adaptation on the continent. 

“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,” the statement quoted ACG as saying. 

The statement further stated that the fund will support initiatives in areas such as energy security and energy transition, regional integration and connectivity, trade finance and facilitation, gender and youth initiatives, enhanced support for fragile states, enhanced development effectiveness, private-sector financing, food security, and poverty and unemployment. 

Citing the group’s long standing partnership with Africa and its over US$220 billion support to the continent to date, the statement added that the ACG in its declaration stated that “we acknowledge the pressing need to address these challenges through timely and coordinated actions”.

“We reaffirm our commitment to supporting the sustainable development of countries in Africa,” the statement reads.