Latest news with #ArabCoordinationGroup
Kuwait Times
3 days ago
- Business
- Kuwait Times
KFAED inaugurates Velana int'l airport expansion in Maldives
KUWAIT: The Kuwait Fund for Arab Economic Development (KFAED) on Sunday inaugurated the expansion and enhancement project of Velana International Airport in the Maldivian capital, Male, as part of a joint Arab development initiative. The ceremony was held in the presence of Maldivian President Mohammad Muizzu, Acting Director General of KFAED Waleed Al-Bahar, several government officials, and representatives from the Arab Coordination Group. In a statement issued by KFAED, the Maldivian President expressed deep appreciation for the generous financial contributions provided by KFAED, the Saudi Fund for Development, Abu Dhabi Fund for Development, and OPEC Fund for International Development. He noted that the soft loans from these institutions enabled the construction of a modern passenger terminal, supporting the country's infrastructure goals and boosting its vital tourism sector. President Muizzu hailed the project as a model of joint development and cooperation, stating the new airport facilities will enhance passenger experience, boost the Maldivian economy, and support the nation's rapidly growing tourism industry. For his part, Al-Bahar stated that KFAED's total contribution to the airport's expansion amounted to KD 37.62 million (USD 123 million).He noted that the expanded airport is expected to serve around 7.3 million passengers annually, helping to stimulate tourism, enhance trade, and open new economic opportunities aligned with sustainable development. Al-Bahar highlighted that the partnership between Kuwait and the Maldives dates back to 1976, when KFAED provided its first soft loan of USD five million to support the development of the airport, then known as Hulhule Airport. Since then, KFAED has extended 15 loans totaling KD 61.1 million (USD 199.8 million) to finance development projects in key sectors, including water and sanitation, transport, healthcare, disaster recovery, coastal protection, and fisheries. He reaffirmed Kuwait's commitment to supporting the Maldives' development journey and expressed optimism for exploring new areas of cooperation in the coming years. Al-Bahar also praised the ongoing partnership between KFAED and the Arab Coordination Group in financing transformative projects that leave a lasting impact on communities. The Fund has also provided the Maldives with technical assistance worth KD 1.3 million (USD 4.2 million) and a grant of KD 583,000 (USD 1.9 million) from Kuwait's 'Decent Life Fund for Islamic Countries' to support food security and improve living standards— KUNA
Zawya
01-07-2025
- Business
- Zawya
Arab Coordination Group Champions Bold Financial Reform at the Fourth International Conference on Financing for Development in Seville
At the Fourth International Conference on Financing for Development (FfD4), the Arab Coordination Group (ACG) ( convened a high-level roundtable and issued a joint communiqué reaffirming its commitment to transformative, equitable, and regionally anchored development finance. Marking 50 years of partnership and impact in 2025, the ACG also adopted a new Joint Action Plan (2025–2030) to align its efforts with key global milestones, including COP30 and the 2026 SDG Summit. FfD4 spotlighted a widening annual financing gap of over USD 4 trillion, escalating climate shocks, and worsening debt distress. In this context, the ACG called for urgent structural reform and long-term investment strategies designed to address the needs of fragile, conflict-affected, and climate-vulnerable nations. Bridging Regions Through South–South Cooperation The ACG also co-hosted a strategic roundtable, 'Bridging Regions: Arab Coordination Group and Latin America and the Caribbean,' in collaboration with the OPEC Fund for International Development and CAF – Development Bank of Latin America and the Caribbean. The event brought together finance ministers, ACG leaders, CAF officials, and representatives from the Central American Bank for Economic Integration and the Caribbean Development Bank. Discussions underscored the growing power of South–South cooperation to drive shared development through knowledge exchange, policy alignment and joint investment. Key areas of focus included climate adaptation, energy transition, food security, infrastructure, and economic diversification. A Record Year of Impact The ACG's vision for the future builds on significant momentum. In 2024, the Group disbursed US$19.6 billion across nearly 650 operations in over 90 countries, making it the world's second-largest development finance group. These investments targeted core priorities: sustainable infrastructure, global trade, and solutions to systemic challenges such as climate change and food insecurity. Earlier this month, at its 20th Annual Meeting in Vienna, ACG leaders reaffirmed their commitment to scaling up support for sustainable development and for vulnerable communities worldwide. Shaping a More Inclusive Global Financial System The ACG's joint communiqué outlines bold commitments: expanding climate-resilient investment, supporting fragile states, restoring degraded lands, unlocking private capital, promoting innovative financing and deepening South–South cooperation. As the ACG prepares to mark its 50th Anniversary in October 2025, it looks ahead with renewed resolve to close financing gaps, advance inclusive growth and deliver tangible solutions to global challenges. Distributed by APO Group on behalf of Arab Coordination Group (ACG). About the Arab Coordination Group (ACG): The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Since its establishment in 1975, ACG has been instrumental in developing economies and communities for a better future, providing more than 13,000 development loans to over 160 countries around the globe. Comprising ten development funds, ACG is the second-largest group of development finance institutions in the world and works across the globe to support developing nations and create a lasting, positive impact. The Group comprises the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.
Zawya
01-07-2025
- Business
- Zawya
ACG champions bold financial reform at the Fourth International Conference on Financing for Development in Seville
Seville, Spain – At the Fourth International Conference on Financing for Development (FfD4), the Arab Coordination Group (ACG) convened a high-level roundtable and issued a joint communiqué reaffirming its commitment to transformative, equitable, and regionally anchored development finance. Marking 50 years of partnership and impact in 2025, the ACG also adopted a new Joint Action Plan (2025–2030) to align its efforts with key global milestones, including COP30 and the 2026 SDG Summit. FfD4 spotlighted a widening annual financing gap of over USD 4 trillion, escalating climate shocks, and worsening debt distress. In this context, the ACG called for urgent structural reform and long-term investment strategies designed to address the needs of fragile, conflict-affected, and climate-vulnerable nations. Bridging Regions Through South–South Cooperation The ACG also co-hosted a strategic roundtable, 'Bridging Regions: Arab Coordination Group and Latin America and the Caribbean,' in collaboration with the OPEC Fund for International Development and CAF – Development Bank of Latin America and the Caribbean. The event brought together finance ministers, ACG leaders, CAF officials, and representatives from the Central American Bank for Economic Integration and the Caribbean Development Bank. Discussions underscored the growing power of South–South cooperation to drive shared development through knowledge exchange, policy alignment and joint investment. Key areas of focus included climate adaptation, energy transition, food security, infrastructure, and economic diversification. A Record Year of Impact The ACG's vision for the future builds on significant momentum. In 2024, the Group disbursed US$19.6 billion across nearly 650 operations in over 90 countries, making it the world's second-largest development finance group. These investments targeted core priorities: sustainable infrastructure, global trade, and solutions to systemic challenges such as climate change and food insecurity. Earlier this month, at its 20th Annual Meeting in Vienna, ACG leaders reaffirmed their commitment to scaling up support for sustainable development and for vulnerable communities worldwide. Shaping a More Inclusive Global Financial System The ACG's joint communiqué outlines bold commitments: expanding climate-resilient investment, supporting fragile states, restoring degraded lands, unlocking private capital, promoting innovative financing and deepening South–South cooperation. As the ACG prepares to mark its 50th Anniversary in October 2025, it looks ahead with renewed resolve to close financing gaps, advance inclusive growth and deliver tangible solutions to global challenges. About the Arab Coordination Group (ACG) The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Since its establishment in 1975, ACG has been instrumental in developing economies and communities for a better future, providing more than 13,000 development loans to over 160 countries around the globe. Comprising ten development funds, ACG is the second-largest group of development finance institutions in the world and works across the globe to support developing nations and create a lasting, positive impact. The Group comprises the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.
Zawya
18-06-2025
- Business
- Zawya
OPEC Fund Development Forum 2025 concludes with new commitments to accelerate global development impact
Highlights: Announcement of over US$1 billion new financing: OPEC Fund signs US$362 million new loan agreements during the Forum and announces approval of US$720 million in new financing in the second Quarter A Country Partnership Framework agreement with Rwanda earmarks US$300 million financing in the next three years At the high-level Mauritania roundtable hosted by the OPEC Fund, the Arab Coordination Group (ACG) announced a pledge of US$2 billion financing over the next 5 years to support Mauritania's development priorities. The fourth OPEC Fund Development Forum concluded today with a strong slate of new commitments, loan agreements and strategic partnerships to advance inclusive transition and sustainable development. The Forum brought together more than 700 global leaders, including government representatives, development institutions and private sector stakeholders, under the theme 'A Transition That Empowers Our Tomorrow'. The OPEC Fund announced some US$720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and saw the signing of US$362 million in new loan agreements. A new Trade Finance Initiative is set to secure vital supplies and help close trade-related liquidity gaps in partner countries. OPEC Fund President Abdulhamid Alkhalifa said: 'The OPEC Fund Development Forum reflects our conviction that partnerships must deliver results. Today we achieved tangible progress – with new signings, new partnerships and new approaches to help our partner countries turn ambition into action. Whether in energy, infrastructure, agriculture or finance, we are responding with solutions that make a difference.' As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada, and the Solomon Islands, expanding support for climate resilience and sustainable infrastructure. Deepening Country Partnerships for Long-term Impact New country-level agreements and cooperation frameworks include: A US$212 million loan agreement with Oman to finance the Khasab-Daba-Lima Road Project (Sultan Faisal bin Turki Road), improving local and regional connectivity, as well as a Country Partnership Framework (CPF) to strengthen cooperation over the next five years. A US$25 million loan agreement with Cameroon to strengthen the Rice Value Chain Development Project, supporting smallholder farmers and strengthening food security in vulnerable regions, in collaboration with the Islamic Development Bank (IsDB), Arab Bank for Economic Development in Africa (BADEA) and the Kuwait Fund. A CPF with Rwanda to allocate up to US$300 million in financing for 2025 – 2028, supporting the country's development priorities, including quality infrastructure, improved essential basic services and the promotion of entrepreneurship and the private sector. Other country partnership agreements included: Azerbaijan to support infrastructure, energy transition and sustainable development; Botswana to support infrastructure, renewable energy, innovation and digital transformation, as well as private sector export-led growth over the next three years; Grenada to build resilience through sustainable development initiatives; Kyrgyz Republic to increase cooperation in transport, water supply and sanitation, energy, agriculture and banking sectors; and Solomon Islands to expand engagement and increase cooperation including in the private sector. Scaling up Private Sector Support The OPEC Fund continues to prioritize private sector-led growth with targeted financing to financial institutions across Africa: In Côte d'Ivoire, a €30 million loan agreement with Coris Bank International Côte d'Ivoire and a €35 million loan agreement with NSIA Banque will facilitate access to finance for small and medium-sized enterprises (SMEs). A US$40 million loan agreement with the East African Development Bank (EADB) will boost economic investments across Kenya, Uganda, Tanzania and Rwanda, strengthening regional integration and inclusive growth. New Trade Finance Initiative At the Forum the OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps and strengthening resilience to external shocks in vulnerable economies. Advancing global cooperation The Forum also featured new agreements to deepen multilateral cooperation: A new cooperation agreement with the Central American Bank for Economic Integration (CABEI) will strengthen collaboration in infrastructure, energy and human development projects across the Latin America and Caribbean region. The OPEC Fund and the Islamic Organization for Food Security (IOFS) formalized a cooperation agreement to coordinate efforts on climate-resilient agriculture and sustainable food systems. A cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries. Ahead of the Forum, the OPEC Fund hosted the Annual Meeting of the Heads of Institutions of the Arab Coordination Group (ACG). Delegates participated in a high-level roundtable with the President of Mauritania, Mohamed Ould Ghazouani to strengthen development collaboration and mobilize investment flows to Mauritania. The roundtable resulted in an ACG joint pledge of US$2 billion financing over the next five years. This will be directed to vital sectors, including energy, water, transportation and digital infrastructure to stimulate economic growth. A dedicated Arab Donors Roundtable on the Sahel addressed strategies to mobilize greater support for the region's urgent challenges. It was organized by the Permanent Interstate Committee for Drought Control in the Sahel (CLISS) and sponsored by the OPEC Fund's partner institution, the Arab Bank for Economic Development in Africa (BADEA). About the OPEC Fund The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and S&P Global Ratings. Our vision is a world where sustainable development is a reality for all.
Zawya
17-06-2025
- Business
- Zawya
ACG pledges $2bln in development funding for Mauritania
Arab Coordination Group (ACG), an alliance comprising ten development funds from Arab world, has pledged $2 billion in development funding for Mauritania in Northwest Africa. The pledge was made at a high-level roundtable held in Vienna, Austria, chaired by the President of Mauritania, Mohamed Ould Cheikh El Ghazouani, and hosted by the OPEC Fund for International Development, according to a press statement issued by the Islamic Development Bank (IsDB). Speaking on behalf of the Arab Coordination Group, the President of IsDB Muhammed Al Jasser, said the funding will be directed to vital priority sectors, including energy, water, transportation and digital infrastructure over a five year period from 2025 to 2030. The portfolio of projects presented by the Mauritanian government at the round table included 'an initiative to hybridise thermal power plants and enhance existing hybrid facilities with advanced energy storage solutions'; strategic water infrastructure projects at Taraf Al-Mahroud and Karakoro Basin and rehabilitation of the Nouakchott–Nouadhibou and Rosso–Boghé corridors. Last year, the ACG extended $19.6 billion collectively to fund nearly 650 operations in more than 90 countries. The Group comprises Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development. (Writing by SA Kader; Editing by Anoop Menon) (
