Hassan adamu danguguwa financing for development
3 likes284 views
The document discusses financing for development. It explains that the World Bank provides loans to developing countries to fund capital programs and reduce poverty. The main objective of the Financing for Development program discussed is to familiarize people with funding the UN's Sustainable Development Goals using public, private and innovative financing solutions. Key topics covered include the transition from relying on billions in foreign aid to mobilizing trillions from all sources to achieve the SDGs, and the roles of different organizations in development finance.
Hassan adamu danguguwa financing for development
- 1. Hassan Adamu Danguguwa Financing for Development Project 1 PROJECT TOPIC: What I learned during this course about financing for development. INTRODUCTION: World Bank is a component of the World Bank Group which is a member of the United Nations Development Group. It is international financial institution that provides loans to developing countries for capital programs. It comprises two institutions; the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The World Bank official goal is the reduction of poverty. THE PROJECT: The Financing for development program’s main objective is to familiarize more people with the new development agenda, the critical role of the private sector and the use of finance, including innovative solutions, to fund the SDGs and meet the Bank Group goals of ending poverty and boosting shared prosperity by 2030. It also deals with the terminologies, key concepts, sources of development finance, public, private and commercial, and multilateral, and the need for increased use of ODA and innovative financing solutions to mobilize and leverage domestic and official development resources alongside private funds.
- 2. Hassan Adamu Danguguwa Financing for Development Project 2 Fig: Example of Financing flows tail off as per capital income rises HIGHLIGHTS OF THE PROJECT: According to Susan McAdams in the first week, Financing for Development is a story that began 15 years ago in the year 2000 when the eight Millennium Development Goals (MDGs) were adopted. Countries and development institutions and NGOs increased the focus of their efforts on reaching the MDGs, and part of the financing for development response was then that the world created a number of MDG specific funds for education, for the environment, especially for health. FROM BILLIONS TO TRILLIONS: TRANSFORMING DEVELOPMENT FINANCE To meet the investment needs of the Sustainable Development Goals, the global community needs to move the discussion from “Billions” in ODA to “Trillions” in investments of all kinds: public and private, national and global, in both capital and capacity. Globally, achieving the proposed SDGs will require the best possible use of each grant dollar, beginning with some US$ 135 billion in ODA. Yet flows for development include philanthropy, remittances, South-South flows and other official
- 3. Hassan Adamu Danguguwa Financing for Development Project 3 assistance, and foreign direct investment— together these sources amount to nearly US$ 1 trillion that needs to be used just as effectively. The most substantial development spending happens at the national level in the form of public resources, while the largest potential is from private sector business, finance and investment. This is the trajectory from billions to trillions, which each country and the global community must support together to finance and achieve the transformative vision of the SDGs. “Billions to trillions” is shorthand for the realization that achieving the SDGs will require more than money. It needs a global change of mindsets, approaches and accountabilities to reflect and transform the new reality of a developing world with highly varied country contexts DEVELOPMENT Development means so much, both for the world and for the individual human being. Development is a life in peace. Development is a life without poverty and without inequalities. Development is respect of human rights, and the belief in governance and in good and strong institutions. So in this world today, there is no peace without development. There is no development without peace, and none of the above without respect of human rights. So what we need to understand is that we have to bring all factors together at the same time and realize that we have a common agenda across peace, development, and human rights. And if we attach ourselves to that philosophy then we can make a difference. That's what we have to do now, this period of 2015 to 2030.
- 4. Hassan Adamu Danguguwa Financing for Development Project 4 According to Jan Eliasson In 2000, they set the 8 Millennium Development Goals. Very practical concrete ones from education to water and sanitation, to child mortality, to maternal health, etc. Only one though, related to the responsibility of all nations, namely the goal related to 2 of 4 partnerships. These goals were very useful. They were used by member states, their economic planning, and much was achieved. Not least in fighting poverty in Asia, and education, where I think we made huge strides forward. But much was left unfinished, particularly maternal health and sanitation were areas where we certainly did not reach the results. So we find ourselves now, in the year 2015, to have achieved some of the objectives of the Millennium Development Goals, but we have still a lot to do on the goals that were set in the year 2000. But what is new is that we are now broadening and deepening the understanding of development. And then we have to understand that today, the borderline between the international and national, is slowly but surely disappearing, because the goals that we have to reach, reach into sectors which are classically considered domestic affairs. In other words, we have to deal with the energy issues, with transportation, with industry, with agriculture, all these sectors that classically in the past were seen as domestic. Now, they are also international. So what we need to do is a sense of understanding in this world today. That the good international formula is in the national interest. This is perhaps the most important conclusion from the work on the goals. The Sustainable Development Goals is a reflection of the situation in the world today. They reflect that we need peace, they reflect that we need development, they reflect that we need respect of human rights and rule of law. We need the SDGs even more than we needed the Millennium Development Goals, the MDGs. Because these goals are, I would say, transformational. They represent a new way of thinking. There were many who say that, "Oh, there are far too many goals. They are far too complex." But I say, while they are complex, they are many, because the world is complex. And we need to, today, marry the international perspective with the regional and national, even local
- 5. Hassan Adamu Danguguwa Financing for Development Project 5 perspective. We must understand that development would only be possible if it builds on some basic principles. Namely shared responsibilities. I would say shared solidarity. Some of the Figures that shows where the money comes from Fig 1: Chart showing where the money comes from
- 6. Hassan Adamu Danguguwa Financing for Development Project 6
- 7. Hassan Adamu Danguguwa Financing for Development Project 7 ROLE OF THE WBG, MDBS AND IMF The multilateral development banks (MDBs) and the IMF have produced a joint discussion note, “From Billions to Trillions: Transforming Development Finance,” (pdf) which proposes a preliminary vision for the collective role of our institutions looking toward the Addis Financing for Development conference and beyond. To meet the investment needs of the SDGs, the global community needs a paradigm shift to move the discussion from “billions” in overseas development assistance (ODA) to the “trillions” in investments of all kinds: public and private, national and global, in both capital and capacity. Globally, achieving the proposed SDGs will require the best possible use of each available grant dollar, beginning with $135 billion in ODA from governments and also including philanthropy, remittances, South-South flows, other official assistance, and foreign direct investment. To reach the needed trillions, additional flows must come from two main pillars: public domestic resources, where the most substantial development spending happens, and private sector finance and investment, the largest potential source of additional funding. This is the trajectory from billions to trillions, which every country and the global community must support together to finance and achieve the transformative vision of the SDGs.
- 8. Hassan Adamu Danguguwa Financing for Development Project 8 WHAT I LEARNT FROM THE PROJECT: 1. Financing for development is not all about money or cash flow alone; money's a very useful thing, but money by itself doesn't do the trick. There must be some set objectives, processes and commitment. 2. Financing is both a concept (noun) and an action (verb). The categories of FFD include grants, concessional loans and bonds which are very important to development finance. 3. The development in question must have to be well defined and articulated./ in most cases, the development is conceptualized into goals, most of which are different but interrelated and the goals are executed in form of programs. 4. Development differs from country to country; what a particular country may need is quite different from what the other requires. No country can claim not to have any need for development. 5. Everybody is a stakeholder in FFD; no one is left out. Mc Adams argued that: “Financing for development ultimately is money that comes from you and me and billions of others who in turn entrust it to others who invest it and deploy it.” 6. For FFD to be successful there must be proper management, effective utilization and good value for money.