The Arab Coordination Group (ACG), a group of ten development institutions, has announced that it aims to allocate up to $50 billion to help build resilient infrastructure and inclusive societies in Africa.
The announcement was made at the Arab-Africa & Saudi-Africa Summits’ Economic Conference held in Riyadh, Saudi Arabia on Wednesday.
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 been a longstanding supporter of African partner countries and has cumulatively invested over $220 billion in the region to date.
“We reaffirm our commitment to supporting the sustainable development of countries in Africa,” the statement reads.
The ACG’s pledge of $50 billion is a significant boost for Africa’s development efforts. The continent is particularly vulnerable to climate change, and the ACG’s financing will help to build resilience and support adaptation measures.
The ACG’s focus on inclusive societies is also important. Africa has a young and growing population, and it is essential to ensure that all Africans have the opportunity to benefit from the continent’s economic growth.
The ACG’s pledge is a welcome development, and it is hoped that it will help to accelerate Africa’s progress towards sustainable development.