By Abdulfatah Babatunde
Vienna (Austria), June 17, ’25 (TNZ) The Arab Coordination Group (ACG) collectively extended US$19.6 billion to fund nearly 650 operations in more than 90 countries in 2024.
TheNewsZenith reports that ACG is the world’s second-largest development finance group,
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 on Monday for their 20th annual meeting.
OPEC Fund for International Development (the OPEC Fund) hosted the meeting.
TheNewsZenith reports that the group reaffirmed its commitment to scaling up financial assistance for sustainable development.
This is coming ahead of the Fourth International Conference on Financing for Development (FFD4), holding from June 30 to July 3 in Spain.
Recall that the ACG financing, last year, supported the top three sectors, including energy (29 per cent), agriculture (20 per cent) and the financial sector (16 per cent).
Over 45 per cent of the total financing promoted global trade. This is to ensure the movement of critical products and supporting small and medium-sized enterprises.
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“In 2024, ACG dedicated its commitments approximately 20 per cent to Africa. This is in alignment with the $50 billion it pledged in November 2023.
“During their meeting in Vienna on Monday, 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, and enhanced integration of the Arab and African regions.
“Gender and youth initiatives, as well as the private sector, will also receive support,” TheNewsZenith quotes a statement from ACG.
The group will celebrate its 50th Anniversary in October, marking a significant milestone in its journey of fostering sustainable development worldwide.
This occasion will provide an opportunity to reflect on the Group’s remarkable legacy, achievements, and challenges. It will also reaffirm its commitment to global development.
TheNewsZenith reports that the event will document the Group’s accomplishments over the past 50 years.
It will equally inspire renewed commitment to advancing impactful development solutions worldwide. (TNZ)
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