MoCC Final Project_December 2015
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The document discusses the importance of new financial instruments for funding the Sustainable Development Goals (SDGs) and highlights the vital role of Official Development Assistance (ODA) in this context. It emphasizes that while ODA currently amounts to $135 billion, this is insufficient for achieving the SDGs, necessitating additional resource mobilization from various stakeholders. It identifies proposed methods for acquiring additional finance, including public and private resource mobilization, and stresses the need for public awareness and collaborative efforts across different countries and organizations.
MoCC Final Project_December 2015
- 1. December 2015 MOCC Finance for Development Importance of new financial instruments to fund the Sustainable Development Goals Image © AU-UN IST PHOTO
- 2. Image © AU-UN IST PHOTO Background and Context
- 3. No consensus on the definition of development Development can be defined in terms of economic growth and national income, human development (adult literacy, life expectancy, access to education etc.) However, there is a general consensus that there can be no peace without development and no development without peace It has also been agreed by global stakeholders that development needs to be sustainable and inclusive and this has led to the endorsement of the Sustainable Development Goals (SDGs). The SDGs are the newly approved global development framework that is set to guide the development agenda of both the developed and developing world over the next 15 years. It is believed that Official Development Assistance (ODA) will be a useful source of finance to help achieve the SDGs. What is development?
- 4. • ODA are resource flows directed towards developing countries that are contributed by governments and international organisations such as the World Bank and the UN. • ODA is critically important as these in-flows are targeted towards the poorest countries to promote economic growth and to help the poorest citizens get access to basic social services. • ODA currently amounts to US$ 135billion is seen as critically important in financing the SDGs. However, these resources are not sufficient. • Therefore, governments (developed and developing), development partners are tasked with mobilising additional resources. • This is has led to the agenda of moving from billions to trillions. Importance of ODA
- 5. • The proposed modes of acquiring additional finance includes; • These additional resources will be used to finance infrastructure projects ranging from energy, roads, social services, agriculture and ICT. Proposed New Sources of Finance Public Resource Mobilisation- Taxes and Savings Private Resource Mobilisation Domestic Resource Mobilisation-Combating illicit financial flows Insurance and Capital Markets Bonds- Vaccine, Diaspora, Climate, Catastrophic, Pandemic
- 6. Leveraging of these new sources of finance • The process of leveraging the new sources of finance needs a consolidated effort of the following stakeholders • It is Important to create public awareness on the role SDGs so that citizens may provide oversight for their respective governments. Developed Countries e.g. United States, Germany, France Emerging Economies- Brazil, Russia and China Developing Countries e.g. Kenya, Nigeria and Morocco Multilateral Development Banks-World Bank, UN Regional Development Banks e.g. African Development Bank
- 7. Thank You! Image © AU-UN IST PHOTO/Ilyas A. Abukar
Editor's Notes
- #3: Presentation outline Background and Context Importance of Official Development Assistance (ODA) New Sources of Finance (Domestic Resource Mobilisation, Private Sector, Remittances, Insurance etc.) Next Steps