Arab Coordination Group (ACG) provided US$17 billion to promote global sustainable development in 2023

Vienna : The Arab Coordination Group (ACG), a strategic alliance of ten local and regional development institutions, has extended some US$17 billion collectively to fund nearly 500 operations in more than 90 countries in 2023, financing critical infrastructure in key sectors, addressing global challenges such as climate change and food security and supporting international trade.

The top three sectors supported by ACG financing last year were energy (27 percent), financial sector (24 percent) and agriculture (14 percent). Nearly 40 percent of the total financing promoted global trade, ensuring the movement of critical products and supporting small and medium-sized enterprises.

OPEC Fund President Abdulhamid Alkhalifa said: “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 testament to the strength of our strategic partnership. Together we are dedicated to driving progress towards sustainable development for all.”

The ACG Heads of Institutions gathered in Vienna today for their 19th annual meeting hosted by the OPEC Fund for International Development (the OPEC Fund). Ahead of the UN Climate Change Conference COP 29 in November in Azerbaijan, the group reaffirmed its commitment to scaling-up financial assistance for climate action. The support, in line with the Paris Climate Agreement, will focus on bridging investment gaps in energy access, including low-carbon energy sources, climate mitigation, adaptation and resilience and promote the climate-resilience of global food systems.

In 2023, about 30 percent of the ACG’s commitments were dedicated to Africa aligned with the US$50 billion pledge made by the group last November. 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; private sector support.