EVENTS
OPEC FUND AND ACG PARTNERS PLEDGE US$50 BILLION IN SUPPORT OF AFRICA
EVENT: Saudi Arab African Economic Conference, Riyadh
Joint declaration “recognizes link between sustainable development and climate financing” and “reaffirms commitment to scaling-up financial assistance”
R eaffirming its support for sustainable development in Africa, the Arab Coordination Group (ACG) pledged US$50 billion in financing for the countries of the continent at the Saudi Arab African Economic Conference in Riyadh in early November 2023. Participating in the announcement, OPEC Fund Director-General Abdulhamid Alkhalifa said: “This is a major step forward and the OPEC Fund is proud to be part of this initiative. The development challenges we are facing impact everyone, and especially our most vulnerable communities. In order to succeed we must adopt a just approach and share responsibilities.” The Director-General also took part in a high-level panel on the “Roadmap for Sustainable Development.” He was joined by Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, Kevin Chika Urama, Chief Economist and Vice President, African Development Bank, and Sidi Ould Tah, President, Arab Bank for Economic Development in Africa. Deliberating on how to attract more investment to Africa, the OPEC Fund head said: “We see Africa first and foremost as a huge opportunity for big
development wins – with potentially high developmental returns when investing in digital and green economies, increasing continental trade, empowering Africa’s women, youth and vibrant private sector. It is our joint interest to create conditions under which Africa can grow, prosper and thrive.” During his visit to Riyadh, the Director- General also signed two loan agreements on behalf of the OPEC Fund. In Rwanda, the OPEC Fund is supporting the expansion of the Karenge Water Supply Project with a US$21.2 million loan. In Benin, the OPEC Fund is making an active contribution in the fight against youth unemployment with a US$25.5 million loan for two vocational training centers. Director-General Alkhalifa also gave interviews to local and international media, including CNBC and Al-Arabiya, emphasizing the pivotal importance of the OPEC Fund and its development partners in funding projects that support social and economic development. The latest ACG initiative pledges investments in areas such as energy security and transition; enhanced integration and connectivity between the Arab and African regions; gender and youth initiatives; enhanced support
for fragile states; enhanced development effectiveness; private sector financing; food security and poverty and unemployment. Ahead of the crucial UN Climate Change Conference COP28, the members of the group stated in a joint communiqué: “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 and to helping bridge investment gaps in energy access, including low-carbon energy sources, climate mitigation, adaptation and resilience, as well as food security.” The current members of the Arab Coordination Group 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.
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