Tatsat Chronicle Magazine

UN Invests $54 M to Boost Sustainable Development in Five Countries

The UN Joint Fund for the SDGs on Monday announced $54.5 million in additional investments for projects in five countries, in an attempt to get the SDGs back on track.
February 15, 2022
sustainable development

The Joint Fund for the Sustainable Development Goals (SDGs) announced on Monday an additional investment of 54.5 million dollars for projects in five countries, to direct efforts to achieve sustainable development.

“The fund is positioned to bridge the gap between giving and impact investing,” said Hiro Mizuno, UN Special Envoy for Innovative Financing and Sustainable Investments, adding that it also offers “a sustainable investment model leveraging the power of markets to accelerate business, empower communities and provide the path to self-sufficiency.”

Kenya, Madagascar, North Macedonia, Suriname and Zimbabwe are the countries selected among the proposals submitted by more than 100 countries. These countries suffer the greatest impact and are in a position to receive the investment.

Under the leadership of the United Nations Resident Coordinators, the implementation of the investment programmes will generate a series of collaborative actions between the United Nations, government, civil society and private sector investors.

Through a development impact bond, investments include a platform that promotes healthy sexual and reproductive habits and HIV prevention in Kenya.

Madagascar will use various financial instruments, including a newly created sovereign wealth fund, to finance renewable energy projects and expand access to affordable and sustainable energy.

North Macedonia’s newly created Green Financing Facility will help finance a transition to renewable and efficient energy for underserved households and businesses.

For its part, Suriname will launch an innovative guarantee mechanism to facilitate access to credit, a business incubator and a farmers’ cooperative to develop a sustainable and resilient value chain for the country’s pineapple industry.

Focusing on women’s empowerment and youth engagement, Zimbabwe is launching a renewable energy fund to initiate the development of the country’s renewable energy system and infrastructure.

This announcement comes less than a year after the fund launched its first investment of $41 million in four transformation programmes in Fiji, Indonesia, Malawi and Uruguay. Also, last year, a $17.9 million programme in Papua New Guinea was added. With the addition of the five new programmes, the Sustainable Development Goals Joint Fund’s catalytic investment portfolio will grow to $114 million.