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Nairobi, Kenya | Xinhua | African governments should tap into private finance to achieve the Sustainable Development Goals (SDGs), a United Nations official said on Tuesday.
Walid Badawi, the resident representative of the United Nations Development Program (UNDP) in Kenya, told a forum in Kenya’s capital, Nairobi, that the issue of financing the SDGs poses a serious challenge because the government and other traditional funding sources are not sufficient.
“Recent trends in shifting funding and cutting aid budgets from developed countries will significantly hamper Africa’s ability to achieve the 2030 Sustainable Development Goals. The continent must therefore tap into other forms of greater and more sustainable funding from the private sector,” Badawi said at the High Level Symposium on Mobilizing SDG Investments for Africa.
He revealed that Africa is lagging behind in achieving many of the 17 global goals that seek to create a more sustainable future for all.
He noted that to attract private finance, Africa needs to develop innovative financial models to ensure that investors can earn returns by investing in the areas of the SDGs.
Arif Neky, Senior Adviser for UN Strategic Partnerships and Coordinator of the SDG Partnership Platform in Kenya, said there was a need for innovation in financial instruments to respond to ever-changing and changing contexts. constantly evolving involved in achieving the SDGs.
Neky observed that public investment should be leveraged to attract significant amounts of private capital through private sector partnerships and innovative financing instruments.
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Xinhua
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