Abidjan, Ivory Coast: The Arab Coordination Group (ACG) and the African Development Bank Group (AfDB) today launched a new phase of their partnership aimed at increasing cofinancing, mobilizing private capital, and accelerating Africa’s economic transformation.
A high-level consultative meeting held at AfDB headquarters in Abidjan established a common platform to move from piecemeal cooperation to large-scale joint investment with programs aligned with the continent’s economic development priorities.
The consultations come at a time when Africa faces widening development financing gaps and an urgent need to mobilize capital at scale for energy access, climate resilience, food security, regional integration and private sector-led growth.
It also reflected the collective ambition of ACG members to expand their engagement in Africa, developed in a more coordinated and catalytic manner.
From cooperation to large-scale joint investment
Discussions focused on how the ACG and AfDB can jointly anchor Arab-African cofinancing, integrating their respective balance sheets, long-term and counter-cyclical financing capabilities, sectoral expertise, and country platforms to mobilize larger and more coordinated public and private investments in support of Africa’s development investment priorities. Participants explored concrete pathways to strengthen joint project preparedness, harmonize financing approaches, strengthen policy dialogue, leverage comparative advantages and support country-led development agendas, while ensuring that investments deliver tangible impact and long-term resilience.
The consultations also framed the Bank’s agenda to strengthen Africa’s financial sovereignty through the New African Financial Architecture (NAFA), which aims to better integrate development finance institutions, guarantee providers, insurers, capital markets and private investors.
Joint declaration sets out follow-up framework
The high-level consultation meeting culminated in the adoption of a joint declaration on the strategic partnership between the ACG and the AfDB. This declaration articulates a shared political vision and translates it into operational direction with clear priority areas for cooperation. It also establishes principles for an institutional follow-up mechanism to guide the next phase of the Arab-African partnership.
As a practical next step, the Declaration provides for the development of a financing and operational partnership framework to be considered in 2026, which will define modalities for cofinancing, pipeline coordination, interdependence, and regular joint programs. It also recognizes the central role of the African Development Fund (ADF), the concessional lending arm of the AfDB Group, in supporting low-income and vulnerable countries. The declaration also calls for closer cooperation between the ACG institutions and the ADF to be explored.
About the Arab Coordination Group (ACG)
The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Since its founding in 1975, ACG has provided more than 13,000 development loans to more than 160 countries around the world, serving developing economies and communities for a better future. ACG works around the world to support developing countries and create a lasting positive impact. The Arab Coordination Group (ACG) is considered one of the most important and effective development partnerships at the international level. The group actively works to adopt global best practices in sustainable development activities. It also aims to coordinate the efforts of these financial institutions to achieve convergence and harmonization of policies governing their lending operations.
The group is comprised of 10 countries, Arab regions and international organizations, including the Abu Dhabi Development Fund, the Arab African Economic Development Bank, the Arab Economic and Social Development Fund, the Arab Gulf Development Programme, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Arab Economic Development Fund, the OPEC International Development Fund, the Qatar Development Fund and the Saudi Development Fund.
www.theACG.org
About the African Development Bank Group
The African Development Bank Group (AfDB) is Africa’s leading development finance institution. The organization is made up of three different entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigerian Trust Fund (NTF). With a presence in 44 African countries and an office in Japan, AfDB contributes to the economic development and social progress of its 54 regional member countries.
For more information, please visit www.afdb.org.
Please send your press release to pressrelease.zawya@lseg.com.
Disclaimer: The content of this press release has been provided by an external third-party provider. This website is not responsible for and has no control over such external content. This content is provided “as is” and “as available” and has not been edited in any way. Neither this website nor any of our affiliates guarantee the accuracy of or endorse the views and opinions expressed in this press release.
Press releases are provided for informational purposes only. This content does not provide tax, legal, or investment advice or opinion regarding the suitability, value, or profitability of any particular security, portfolio, or investment strategy. Neither this website nor any of our affiliates will be responsible for any errors or inaccuracies in the content or for any actions you may take based on the content. You expressly agree that your use of the information in this article is at your own risk.
To the maximum extent permitted by applicable law, this Website, its parents, subsidiaries, affiliates, and their respective stockholders, directors, officers, employees, agents, advertisers, content providers and licensors, shall not be liable for any liability, whether in negligence, tort, contract or otherwise. Under no other theory of liability will we be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, exemplary or punitive damages, including, without limitation, lost profits, lost savings, or lost revenue. EVEN IF THE PARTIES HAVE BEEN ADVISED OR CAN HAVE FORESEEED THE POSSIBILITY OF SUCH DAMAGES.
