ACG commits more than $15bln to advance global sustainable development in 2022

ACG commits more than $15bln to advance global sustainable development in 2022

Vienna: - The Arab Coordination Group (ACG), a strategic alliance of ten local and regional development institutions, has provided US$15.7 billion to finance nearly 500 operations in over 80 countries in 2022. The Group’s financing helped to address urgent global challenges such as global food insecurity and climate change, provided support to key economic sectors and helped facilitate international trade. The largest share of ACG member’s commitments in 2022 were dedicated to energy (27 percent), financial sector and Small and Medium Enterprises (SMEs) (27 percent) and agriculture (21 percent). The ACG Heads of Institutions met in Vienna for their eighteenth annual meeting, hosted by the OPEC Fund for International Development (the OPEC Fund). The Group has collectively agreed to scale up their support to Africa with the issuance of a joint Communiqué which will be solidified on the margins of the Arab-African Summit hosted by the Kingdom of Saudi Arabia, in November 2023. The Communiqué calls to strengthen ACG joint commitments on Food Security and Climate Action Financing by 2030, in addition to deploying all available financing modalities through a comprehensive range of initiatives designed to address African countries’ development priorities and challenges. OPEC Fund Director-General Abdulhamid Alkhalifa said: “The