Vienna: The Arab Coordination Group (ACG) has collectively extended US$19.6 billion to fund nearly 650 operations across more than 90 countries in 2024. This substantial financial support is aimed at developing critical infrastructure, addressing challenges such as climate change and food security, and fostering international trade.
According to Emirates News Agency, the ACG Heads of Institutions convened in Vienna for their 20th annual meeting, hosted by the OPEC Fund for International Development. In anticipation of the Fourth International Conference on Financing for Development, scheduled from June 30 to July 3, 2025, in Spain, the group reasserted its dedication to enhancing financial assistance for sustainable development efforts.
The primary sectors benefiting from ACG financing in the previous year were energy, agriculture, and the financial sector, receiving 29%, 20%, and 16% of the funds, respectively. Moreover, over 45% of the total financing was allocated to promoting global trade, ensuring the movement of essential products and supporting small and medium-sized enterprises.
In 2024, about 20% of the ACG's commitments were focused on Africa, in line with a US$50 billion pledge made by the group in November 2023. During their meeting in Vienna, the Heads of Institutions vowed to continue and expand support for the most vulnerable communities in Africa. This commitment aims to provide financing for energy security and transition, food security, enhanced integration of the Arab and African regions, gender and youth initiatives, and private sector support.