{"id":23926,"date":"2023-11-19T08:18:23","date_gmt":"2023-11-19T08:18:23","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/arab-coordination-group-pledges-50-billion-for-africas-development"},"modified":"2023-11-19T08:44:20","modified_gmt":"2023-11-19T08:44:20","slug":"arab-coordination-group-pledges-50-billion-for-africas-development","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/arab-coordination-group-pledges-50-billion-for-africas-development","title":{"rendered":"Arab Coordination Group pledges $50 billion for Africa\u2019s development"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Stepping up their support for African partner countries ahead of the crucial COP28 climate change conference, the Arab Coordination Group (ACG) has announced that it aims to allocate up to $50 billion to help build resilient infrastructure and inclusive societies in the African continent.<\/p>\n

The announcement was made by the Islamic Development Bank President, Dr. Muhammad Al Jasser at the Arab-Africa & Saudi-Africa Summits\u2019 Economic Conference held in Riyadh, Kingdom of Saudi Arabia, according to the media release of the Islamic Development Bank Group. Many countries in Africa are particularly vulnerable to climate change, making strengthening climate resilience and adaptation an urgent priority.<\/p>\n

In a joint communique\u0301 the group of ten development institutions states: \u201cRecognizing 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 and to helping bridge investment gaps in energy access, including low-carbon energy sources, climate mitigation, adaptation and resilience, as well as food security.\u201d<\/p>\n

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.<\/p>\n

\u201cWe acknowledge the pressing need to address these challenges through timely and coordinated actions,\u201d the ACG states in its declaration. On behalf of the ACG, Dr.<\/p>\n

Muhammad Al Jasser, President of the Islamic Development Bank (IsDB Group), said: \u201cOur conviction in the promise of Africa, its dynamic societies, and its spirited youth is unwavering.<\/p>\n

Nevertheless, we are acutely aware of the development challenges the continent faces \u2013 the repercussions of the recent global pandemic, the challenges of food security, and the escalating climate crisis.<\/p>\n

We are committed to working hand-in-hand with African nations, regional entities, civil society groups, the private sector, and fellow development institutions.\u201d<\/p>\n

The group has been a long-standing supporter of African partner countries and has cumulatively invested over $220 billion in the region to date.<\/p>\n

\u201cWe reaffirm our commitment to supporting the sustainable development of countries in Africa,\u201d the statement reads. The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance.<\/p>\n

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.<\/p>\n

NEWSROOM<\/b><\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. Stepping up their support for African partner countries ahead of the crucial COP28 climate change conference, the Arab Coordination Group (ACG) has announced that it aims to allocate up to $50 billion to help build resilient infrastructure and inclusive societies in the African continent. The announcement was made by the Islamic Development […]<\/p>\n","protected":false},"author":84,"featured_media":23925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[242,243,233],"class_list":["post-23926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-eritrea","tag-eritrea"],"yoast_head":"\nArab Coordination Group pledges $50 billion for Africa\u2019s development - Eritrea<\/title>\n<meta name=\"description\" content=\"Stepping up their support for African partner countries ahead of the crucial COP28 climate change conference, the Arab C ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/arab-coordination-group-pledges-50-billion-for-africas-development\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arab Coordination Group pledges $50 billion for Africa\u2019s development\" \/>\n<meta property=\"og:description\" content=\"Stepping up their support for African partner countries ahead of the crucial COP28 climate change conference, the Arab C ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/arab-coordination-group-pledges-50-billion-for-africas-development\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-19T08:18:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-19T08:44:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/11\/sm_1700370612.341157.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"513\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/arab-coordination-group-pledges-50-billion-for-africas-development#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/arab-coordination-group-pledges-50-billion-for-africas-development\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Arab Coordination Group pledges $50 billion for Africa\u2019s development\",\"datePublished\":\"2023-11-19T08:18:23+00:00\",\"dateModified\":\"2023-11-19T08:44:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/arab-coordination-group-pledges-50-billion-for-africas-development\"},\"wordCount\":458,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/arab-coordination-group-pledges-50-billion-for-africas-development#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/11\/sm_1700370612.341157.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Eritrea\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/arab-coordination-group-pledges-50-billion-for-africas-development#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/arab-coordination-group-pledges-50-billion-for-africas-development\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/arab-coordination-group-pledges-50-billion-for-africas-development\",\"name\":\"Arab Coordination Group pledges $50 billion for Africa\u2019s development - 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