The African Development Bank (AfDB) joined a group of 11 multilateral development banks (MDBs) and the International Monetary Fund (IMF), at the weekend, in launching a first-ever joint report on financing the Sustainable Development Goals (SDGs).
The launch took place during a virtual ceremony attended by the heads of the institutions. The report is released at the end of a critical year, with COVID-19 threatening to reverse progress on the SDGs. In response, MDBs have collectively mobilised a global response package of $230 billion between 2020 and 2021, to reduce the pandemic’s impact, of which $75 billion will be directed to the world’s poorest countries before the end of 2020.
The crisis triggered by the COVID 19 pandemic has threatened to reverse progress against the SDGs. National and global leaders have recognized the opportunity—and responsibility—to ensure that recovery efforts support the SDGs, the report said.
The report highlights selected examples of initiatives related to the 17 SDGs and efforts to “mobilize finance, create knowledge, and build capacity” for countries for their achievement. It showcases examples of how their financing directly contributes to advancing SDGs that empower people, protect the planet, foster prosperity for all, and develop sustainable quality infrastructure.
Head of the Islamic Development Bank Group (ISDB) Bandar Hajjar, whose institution led the compilation of the report, said the pandemic had highlighted the fragility of the progress countries have made toward the SDGs and underlined the imperative of fostering better and more resilient development.
“We recognise the urgency to achieve the 2030 Agenda through the work that needs to go into building a more resilient post-COVID-19 world,” Hajjar said.
“The report also emphasizes the critical importance of MDBs partnerships to deliver financing, knowledge, and capacity building support for the SDGs.”
Such partnerships and coordination would include increased support for an ambitious climate action for the planet; fostering digitalisation for sustainability; continuing to promote sustainable infrastructure, strengthening resilience and mobilizing finance by attracting, de-risking, leveraging and catalyzing investments of all kinds.