WGS 2018: Funding Gap Remains Key Challenge in Meeting Sustainable Development Goals, Say Government Officials
Ministers from Indonesia, Egypt, and Slovenia discuss solutions and financial instruments to support governments seeking to fulfill SDGs
Dubai-UAE: 11 February, 2018 – Financing plans to meet the United Nations Sustainable Development Goals (SDGs) remains a major challenge, senior government ministers from Indonesia, Egypt and Slovenia pointed out during a ministerial panel discussion in the run-up to the sixth World Government Summit in Dubai.
Held as part of the SDGs in Action event under the Global Policy Platform, the ‘Partnerships Across Countries’ session featured Bambang Brodjonegoro, Indonesian Minister of National Development Planning, Hala Al-Saeed, Egyptian Minister of Planning and Administrative Reform, and Alenka Smerkolj, Slovenian Minister of Development.
Smerkolj said: “Any great development plan without action or implementation is just words. When you try to turn a development plan into action, that’s where you come to the challenge of finance.”
Al-Saeed echoed the sentiment that finance is a key hurdle to meeting the SDGs. She said that in Egypt, the government seeks to implement a ‘blended finance’ solution that pools private capital with public funds to invest in projects, programs and initiatives that serve development goals.
She added: “The government has been working closely with the private sector to get its help in financing development projects through corporate social responsibility. This will complement the finance needed for infrastructure development in Egypt.”
New types of financing instruments could also help governments close the funding gap for SDGs, suggested Bambang Brodjonegoro. He said: “We would like to propose the establishment of a new, global financing instrument, called Debt Swap SDG. If a country is committed to fulfilling certain targets of the SDGs, a bilateral or multilateral institution could offer some debt relief or interest-free financing.”
The Global Policy Platform is an international multi-purpose hub for high-level policymaking decisions that runs throughout WGS 2018. SDGs in Action is an all-day event that focuses on creating partnerships among a range of stakeholders – subject-matter experts, international organizations, governments, youth groups, NGOs, academia and the private sector – to advance the 2030 Agenda for Sustainable Development.
Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the World Government Summit 2018 runs from February 11 to 13 at the Madinat Jumeirah in Dubai. The landmark event convenes more than 4,000 participants from 140 countries, including heads of state and governments, as well as top-tier representatives of 16 international organizations.
Hosting more than 130 speakers across 120 interactive sessions, WGS 2018 features five distinct forums that examine the challenges of vital sectors for the future with a view to finding the best resolutions for the greater global good. Furthermore, over 20 specialized global reports spanning key sectors and topics of the summit will be launched throughout the duration of the event.
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