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In 2023, the Arab Coordination Group (ACG), comprising ten local and regional development institutions, collectively allocated approximately $17 billion to finance nearly 500 projects in over 90 countries. These funds were directed towards vital infrastructure across key sectors, tackling global challenges such as climate change and food security, and enhancing international trade.
The primary sectors that benefited from ACG’s funding last year included energy (27%), the financial sector (24%), and agriculture (14%). Notably, nearly 40% of the total financing facilitated global trade, aiding the transport of critical goods and bolstering small and medium-sized enterprises.
OPEC Fund President Abdulhamid Alkhalifa stated, “The key to a successful partnership is to leverage own resources, mobilize external funding and maximize impact where it is needed the most. The ACG’s collective influence and efforts to move the sustainable development agenda forward are a testament to the strength of our strategic partnership. Together we are dedicated to driving progress towards sustainable development for all.”
Today in Vienna, the ACG Heads of Institutions convened for their 19th annual meeting, hosted by the OPEC Fund for International Development (the OPEC Fund). With the UN Climate Change Conference COP 29 on the horizon in November in Azerbaijan, the group reiterated their commitment to enhancing financial support for climate action.
This support, in alignment with the Paris Climate Agreement, aims to bridge investment gaps in areas such as energy access, including renewable energy sources, as well as climate mitigation, adaptation, and resilience, and enhancing the climate resilience of global food systems.
This year, around 30% of ACG’s commitments were focused on Africa, consistent with the $50 billion promise made by the group last November. At their meeting today in Vienna, the Heads of institutions vowed to continue and increase support to Africa’s most vulnerable communities.
Their pledge includes funding for energy security and transition, food security, deeper integration between Arab and African regions, initiatives targeting gender and youth, and support for the private sector.
