Private capital needs to be diverted to Asian development goals: UN report
Governments throughout Asia are being encouraged to adopt innovative financing models to advance the region’s sustainable development goals (SDGs).
The call comes in new report released on Monday by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), in partnership with the Science and Technology Policy Institute (STEPI) of the Republic of Korea.
While the region benefits from billions of dollars in donor and philanthropic funding, the cost of solving the world’s most critical development challenges runs into the trillions, with an estimated annual funding gap of $2.5 trillion (Bt82.9 trillion) to achieve the SDGs by 2030.
New approaches are needed to divert private capital towards development objectives and bridge the financing gap, said Dr Shamshad Akhtarm, United Nations Under-Secretary-General and Executive Secretary of ESCAP.
The report, titled “Innovative Financing for Development in Asia and the Pacific”, is aiming to spark new ideas and action “to develop the innovative financing solutions urgently required for the advancement of the 2030 Agenda,” she said.
