Saudi Arabia has pledged to support Africa with 50 billion dollars ahead of COP28 climate change conference in UAE.
In a statement, the Arab Coordination Group, (ACG) says the fund is to help build resilient infrastructure and inclusive societies in the African continent.
President of Arab Islamic Development Bank, Muhammad Al Jasser says, many countries in Africa are particularly vulnerable to climate change, making strengthening climate resilience and adaptation an urgent priority.
in a joint communiqué, the group of ten development institutions states: “recognizing that the link between sustainable development and climate financing is cross-cutting and 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.”
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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.
(EDITOR: EBUWA OMO-OSAGIE)
