Skip to content Skip to Search
Skip navigation

Arab Coordination Group announces $50bn for Africa

By Gavin Gibbon
The Saudi Fund for Development hosts a discussion at Cop28 about the ACG's $50bn for Africa SPA
The Saudi Fund for Development hosts a discussion at Cop28 about the ACG's $50bn for Africa
  • Fund for sustainable development
  • $83bn total revealed at Cop28
  • Al Jaber: ‘Failure not an option’

The Arab Coordination Group, made up of regional and international development institutions, has allocated $50 billion to advance sustainable development in Africa through to 2030.

The funding was announced at the Saudi-Arab-African Economic Conference in Riyadh and further discussed at a panel arranged by the Saudi Fund for Development on Sunday on the sidelines of Cop28 in Dubai.

Over $83 billion in total funding was announced in the first five days of the climate summit.

Logo, Text

This includes 11 pledges and declarations surrounding food systems transformation and health, plus declarations on renewable energy and efficiency, as well as efficiencies to decarbonise heaving-emitting industries.

The loss and damage fund announced on the opening day of Cop28 has had $792 million pledged to date.

Some $3.5 billion in new money has been announced to replenish the Green Climate Fund, while $134 million was announced for the Adaptation Fund.

The Least Developed Countries fund has been boosted by $129.3 million and the Special Climate Change fund by $31 million.

The UAE has launched Alterra, a $30 billion catalytic fund, which is looking to mobilise an additional $250 billion globally.

This year’s host country also committed $200 million to help vulnerable countries through Special Drawing Rights – an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves – and $150 million to fight water scarcity.

The World Bank announced an increase of $9 billion annually for 2024 and 2025 to finance climate-related projects. Multilateral Development Banks announced a cumulative increase of over $22.6 billion toward climate action.

Cop28 president Dr Sultan Al Jaber conceded on Sunday that although progress was being made towards a deal to phase out fossil fuels, he believed talks were not moving “fast enough”.

However, as discussions towards an agreement reach a critical stage he stressed: “Failure is not an option.”

Latest articles

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Mukesh Ambani, chairman and managing director of Reliance Industries which will receive the investment from AIDA and US-based KKR

Abu Dhabi’s ADIA invests in Indian warehouses

The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets.  Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources.  RLWH was established in […]

Saudi Arabia’s industry and mineral resources minister Bandar Al-Khorayef. The country is struggling to meet an FDI target of $100bn a year by 2030

Saudi industry minister tempts investors with funding incentives

Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers.  Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […]