The Arab Coordination Group (ACG) plans to allocate up to $50 billion to help build resilient infrastructure and inclusive societies in the African continent, said the Islamic Development Bank President, Dr. Muhammad Al Jasser at the Saudi-Arab-African Economic Conference held in Riyadh, Saudi Arabia on November 10.
Many countries in Africa are particularly vulnerable to climate change, making strengthening climate resilience and adaptation an urgent priority. The ACG financing 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.
The group has cumulatively invested over $220 billion in the region to date.
A strategic alliance, the ACG provides a coordinated response to development finance. Its current members are the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.
