Dubai, December 10, 2023, In a notable session at the Saudi Pavilion during the 28th Conference of Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC), Sultan Al-Marshad, the Chief Executive Officer of the Saudi Fund for Development (SFD), actively participated in a high-level panel discussion. The focus of the panel was the groundbreaking $50 billion funding commitment announced by the Arab Coordination Group (ACG) to propel sustainable development initiatives in Africa until 2030. This landmark funding pledge was initially disclosed during the Saudi-Arab-African Economic Conference in Riyadh on November 09, 2023.
The panel, moderated by Dr. Fahad Abdullah Aldossari, the Chairman of the Board of Directors of the Arab Bank for Economic Development in Africa (BADEA), convened experts from various ACG member institutions. The esteemed participants included Dr. Abdulhameed Al Khalifah, Director General of the OPEC Fund for International Development (OFID), Dr. Sidi Ould Tah, President of BADEA, and Eng. Mohammed Alsaati, Special Advisor to the President of the Islamic Development Bank (IsDB).
Together, these distinguished speakers explored the transformative potential of the $50 billion funding allocation, delving into its profound implications for advancing sustainable development across the African continent. The discussion emphasized the urgent need to build resilient and inclusive societies in Africa, aligning with ACG's commitment to supporting the global energy transition and fostering prosperity and sustainability.
Sultan Al-Marshad highlighted SFD's longstanding dedication to African development, with over $11 billion contributed to finance more than 400 projects in 46 countries, constituting 57% of SFD's funding in developing nations globally. This substantial contribution underlines SFD's alignment with ACG's broader objectives and commitment to championing sustainable development.
The panel discussion served as a platform for ACG institutions to collectively reinforce their commitment to Africa's development aspirations, emphasizing the imperative of collaboration to achieve a more prosperous and sustainable future for the continent. As the global community gathers at COP28 to address climate change challenges, the ACG's $50 billion funding pledge emerges as a significant step toward realizing sustainable development goals in Africa.
