Private finance can play key role in 2030 Agenda: UNDP

Nov 18, 2017

Doha – Private finance can play a key role in realizing the aims of the Sustainable Development Goals (SDGs) if policymakers succeed in aligning incentives to encourage investors to help ensure that no one is left behind by 2030, said Achim Steiner, United Nations Development Programme (UNDP) Administrator.

Addressing the High-Level Conference on Financing for Development and the Means of Implementation of the 2030 Agenda for Sustainable Development in Qatar, Mr Steiner noted that over the past decade many countries have increased their savings-to-GDP ratios and there is “no shortage of capital in the global economy”.

“Getting the financing right will be critical to meet the SDGs by 2030. There is, however, a huge gap in channeling those vast sums effectively for sustainable development and achieving the SDGs.”

“Mobilising the financial resources to meet the SDGs by 2030 is a key challenge for all countries. Aligning the financial markets with development priorities represents a major opportunity,” he added.

As well as leveraging private sector finance, Mr Steiner said public finance and development cooperation remain central for the achievement of the SDGs, noting that enhancing the capacity of tax administrations to collect revenues across broader and more progressive tax bases are vital.

Also key is ensuring countries use existing resources more efficiently. However, in many developing countries, domestic resources will remain insufficient and international public finance will continue to play a critical role.

“UNDP is supporting countries to define national sustainable development financing strategies, with a focus on identifying catalytic interventions, crowding-in finance from the private sector, building partnerships, scaling-up innovative financing mechanisms and improving the effectiveness of financial resources,” he said.

While in Doha, the UNDP Administrator met with Qatari senior officials to discuss enhancing collaboration between the UN and Qatar to help countries achieve the SDGs, and to thank the State and people of Qatar for the important and critical support they provide to development in Sudan and Palestine.

They also discussed UNDP’s support of Qatari government and non-governmental institutions involved in the provision of development and humanitarian aid with the objective of increasing efficiency of Qatari Aid. It was agreed to continue technical discussions to develop concrete plans and proposals to advance the partnership.

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