The Arab Coordination Group (ACG), a strategic alliance of ten local and regional development institutions, has shared that in 2023, it extended some US$17 billion collectively to fund nearly 500 operations in more than 90 countries to promote global sustainable development. This reportedly funded critical infrastructure in key sectors, addressing global challenges such as climate change and food security.
The top three sectors supported by ACG financing last year were:
- Energy (27 per cent),
- Financial sector (24 per cent) and
- Agriculture (14 per cent).
Nearly 40 per cent of the total financing went towards promoting global trade.
At the 19th annual meeting hosted by the OPEC Fund for International Development (the OPEC Fund), ACG Heads of Institutions gathered and reportedly reaffirmed its commitment to scaling up financial assistance for climate action.
The support will focus on bridging investment gaps in energy access, including low-carbon energy sources, climate mitigation, adaptation and resilience and promoting the climate resilience of global food systems.
Last year the Group pledged US$50 billion to help build resilient infrastructure across Africa. The pledge 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.
In 2023, around 30 per cent of the ACG’s commitments were dedicated to Africa, it was shared.