Arab group pledges $50bn climate-resilient infrastructure construction support to Africa
The Arab Coordination Group (ACG), has pledged a $50 billion donation for the construction of climate-resilient infrastructure and inclusive societies in Africa.
The ACG is a strategic alliance dedicated to coordinated responses in development finance,
A statement quoted the president of the Islamic Development Bank (IsDB), Muhammad Al Jasser, making the pledge at the Economic Conference of the Arab-Africa & Saudi-Africa Summits held Friday in y in in Riyadh, Kingdom of Saudi Arabia.
Al Jasser said ACG was ready to work with Africa to tackle development challenges heightened by the impacts of climate change.
According to Al Jasser, “Our conviction in the promise of Africa, its dynamic societies, and its spirited youth is unwavering.
“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 Group added that recognizing the susceptibility of African nations to climate change, the consortium of ten development institutions within the ACG restated their dedication to increasing financial support to enhance climate resilience and adaptation efforts 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,” he said.
