The Arab Coordination Group (ACG), the world's second-largest development finance group, has extended $19.6 billion collectively to fund nearly 650 operations in more than 90 countries in 2024. 

 

This significant financing was geared towards developing critical infrastructure, addressing global challenges like climate change and food security, and supporting international trade.  

 

The ACG Heads of Institutions gathered in Vienna today for their 20th annual meeting hosted by the OPEC Fund for International Development (the OPEC Fund). 

 

Ahead of the Fourth International Conference on Financing for Development (FFD4) which is scheduled to take place from June 30 to July 3 in Spain, the group reaffirmed its commitment to scaling-up financial assistance for sustainable development.

 

The top three sectors supported by ACG financing last year were energy (29%), agriculture (20%) and the financial sector (16%). 

 

Over 45% of the total financing promoted global trade, ensuring the movement of critical products and supporting small and medium-sized enterprises.

 

In 2024, approximately 20% of the ACG’s commitments were dedicated to Africa, aligned with the $50 billion pledge made by the group in November 2023.

 

During their meeting in Vienna today, the Heads of Institutions pledged continued and increasing support to the most vulnerable communities in Africa.

 

The commitment aims to provide financing for energy security and energy transition; food security; enhanced integration of the Arab and African regions; gender and youth initiatives; and private sector support.

 

The ACG will celebrate its 50th anniversary in October marking a significant milestone in its journey of fostering sustainable development worldwide.-TradeArabia News Service