Abu Dhabi Fund for Development hosts the 91st Arab Coordination Group meeting on the sidelines of Conference of the Parties (COP28)
Discussions centered on strategic objectives to bolster development efforts in developing countries
The meeting also provided a platform for exchanging views and ideas on enhancing support for development efforts and outlining the group’s working mechanism for the next stage
Abu Dhabi Fund for Development (ADFD) hosted the meeting at the level of directors of operations of the member institutions of the Arab Coordination Group of national and regional development institutions, which coincided with the commencement of the United Nations Climate Change Conference, COP28, in the UAE. The objective of the meeting was to explore climate solutions.
The meeting was convened with representatives from institutions including the Kuwait Fund for Arab Economic Development, Saudi Fund for Development, Qatar Fund for Development, Arab Fund for Economic and Social Development, Islamic Development Bank, OPEC Fund for International Development, Arab Bank for Economic Development in Africa, Arab Bank for Economic and Social Development, Arab Gulf Development Fund (AGFUND), and the Arab Monetary Fund.
His Excellency Khalifa Abdullah Al Qubaisi, Deputy Director General of the Abu Dhabi Fund for Development, delivered the opening speech at the meeting, welcoming the representatives of the group’s members. He expressed optimism that ACG would successfully realize its objectives in financing development projects, ensuring a sustainable impact that directly uplifts societies in developing countries.
Discussions centered on strategic objectives to bolster development efforts in developing countries. Emphasis was placed on activating collaborative efforts between the group’s institutions and reaffirming commitment to continue with cooperation in supporting development projects to achieve sustainable development goals. The meeting also provided a platform for exchanging views and ideas on enhancing support for development efforts and outlining the group’s working mechanism for the next stage. Additionally, the meeting reviewed the positive impact of development projects financed by the group in various countries, stimulating economic activities and improving lives.
His Excellency Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, underscored the importance of the convention in Abu Dhabi, especially given the concurrent COP28. He highlighted the significance of taking decisive measures to confront challenges related to climate change and adapting to potential impacts on environmental systems and various economic sectors.
He added that the group’s efforts had significantly contributed to promoting sustainable economic development, making the people of developing countries more prosperous. He indicated that ACG was exploring proposals to enhance joint work effectiveness and employ available financing tools to support beneficiary countries, thereby reducing economic development burdens and driving the progress of essential sectors.
The agenda of the meeting covered joint financing opportunities, unifying efforts related to financing development, consultation on issues related to climate change challenges, and financing projects with a sustainable impact on the environment and climate. Recommendations were made to establish a digital platform for exchanging information and communication among group members to facilitate project implementation and communication between experts.
Established in 1975, the Arab Coordination Group plays a key role in strengthening development efforts and coordination among its members. The group is instrumental in harmonizing policies governing financing operations, and adopting international best practices in sustainable development work.
Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group).
About Abu Dhabi Fund for Development (ADFD):
Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administer long-term investments and direct contributions. In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private-sector investments. Since its inception, ADFD has marked developmental milestones in 103 developing countries. Spanning the last 50 years, the Fund's development projects and investments, valued at AED150 billion, have helped the international community achieve sustainable economic growth, as well as drive the implementation of the United Nations’ Sustainable Development Goals (SDGs).