Economic Updates - Featured - Finance - December 14, 2020

AfDB joins IMF, MDBs in financing SDGs

THE African Development Bank(AfDB) has joined a group of 11 Multilateral Development Banks (MDBs) and the International Monetary Fund (IMF) last week launching a first-ever joint report on financing the Sustainable Development Goals (SDGs).

2020 marks 5 years since the adoption of the 2030 Agenda for Sustainable Development and its 17 SDGs.

SDGs presents a new vision of development for all countries linking people, planet, and prosperity. The financing needed to realise this vision has grown from billions to trillions.

MDBs and the IMF have come together to highlight efforts to support countries in achieving the SDGs, by providing finance, technical assistance, policy support, and knowledge.

Speaking at the virtual launch of the report, African Development Bank President Akinwumi Adesina said they joined the MDBs and IMF to reflect their collective engagement and strong commitment to accelerate progress towards the SDGs.

“To accelerate Africa’s development, we will continue joining investment hands across the globe,” Adesina said.

The report launched showcases examples of how their financing directly contributes to advancing SDGs that empower people, protect the planet, foster prosperity for all, and develop sustainable quality infrastructure.

 

In the report, COVID 19 is posed as a threat to the progress of the SDGs. In response, MDBs have collectively mobilized a global response package of $230 billion between 2020 and 2021, to reduce the pandemic’s impact, of which $75 billion will be directed to the world’s poorest countries before the end of 2020.

Head of the Islamic Development Bank Group (ISDB) Bandar Hajjar, whose institution led the compilation of the report, said the pandemic had highlighted the fragility of the progress countries have made toward the SDGs and underlined the imperative of fostering better and more resilient development.

“We recognize the urgency to achieve the 2030 Agenda through the work that needs to go into building a more resilient post-COVID-19 world. The report also emphasizes the critical importance of MDBs partnerships to deliver financing, knowledge, and capacity building support for the SDGs,” Hajjar said.

Such partnerships and coordination would include increased support for ambitious climate action for the planet; fostering digitalization for sustainability; continuing to promote sustainable infrastructure, strengthening resilience, and mobilizing finance by attracting, de-risking, leveraging and catalysing investments of all kinds.

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