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Thursday, May 26, 2022
UNITED NATIONS, Apr 21 2017 - The Group of 77 has underlined the importance of increased financial resources and the transfer of technology to developing countries in order to achieve the UN’s Sustainable Development Goals (SDGs), including the eradication of poverty and hunger by 2030.
Speaking on behalf of the Group of 77, joined by China, the delegate from Ecuador told the High-Level SDG Financing Lab the implementation of the 2030 Agenda requires a revitalized global partnership.
To that end, partnerships with financial institutions and other relevant stakeholders need to take into account different national realities, capacities and levels of development, respecting national policies and priorities.
“We reiterate that enhancing support to developing countries is fundamental, including through the provision of development financial resources, transfer, dissemination, and diffusion of technology to developing countries on favorable, including concessional and preferential terms, as well as capacity-building and a rule-based and non-discriminatory multilateral trading system, for the implementation of Sustainable Development Goals,” he told delegates.
He pointed out that financial flows need to be more aligned with the Sustainable Development Goals. Public finance, both domestic and international, will play a vital role in providing essential services and public goods and in catalyzing other sources of finance.
Private business activity, investment, and innovation are major drivers of productivity, inclusive economic growth, and job creation.
He said the Group recognizes the important contribution that direct investment, including foreign direct investment (FDI), can make to sustainable development, particularly when projects are aligned with national and regional sustainable development strategies.
“Therefore, we call upon all businesses to apply their creativity and innovation to solving sustainable development challenges.”
The Group also expressed concern that many of the least developed countries (LDCs) continue to be largely sidelined by FDI that could help to diversify their economies.
The Group stressed the importance of increasing efforts to address financing gaps and low levels of direct investment faced by landlocked developing countries (LLDCs), small island developing states (SIDS), many middle-income countries, as well as countries and peoples living under colonial and foreign occupation, and countries in a situation of conflict and post-conflict.
Moreover, to build adequate conditions to unlock financial resources and ensure that both public and private finance is channeled towards the SDGs, developing countries will need to improve their investment climate.
In this regard, he said, official development assistance (ODA) can help catalyze additional resource mobilization from other sources, public and private.
It can support improved tax collection and help to strengthen domestic enabling environments and build essential public services. It can also be used to unlock additional finance through blended or pooled financing and risk mitigation, notably for infrastructure and other investments that support private sector development.
The Group reassured its readiness to work in ensuring proper and effective follow-up of the financing for development outcomes and all the means of implementation of the post-2015 development agenda.
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