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Delivered by Armida Salsiah Alisjahbana

20 September 2023

Excellencies, distinguished participants,

According to the Independent Experts Group of the G20, an additional $3 trillion per year is needed by developing countries, excluding China, by 2030 to finance both the Sustainable Development Goals (SDGs) and climate action. Africa alone will need $1.3 trillion per year to achieve the SDGs.  

Regional cooperation, facilitated by the regional commissions of the United Nations, serves as an important mechanism to debate innovative solutions to unlock the needed financing.

Along with innovative solutions, it is critical that the terms of financing provided by multilateral development banks (MDBs) and bilateral lenders become more affordable and more accessible to fulfill the needs of developing countries.

To realize this, we believe four main changes need to happen that I will outline now. In the interest of time, examples of initiatives by the Regional Commissions will be shared in the written version.

To start, policymakers and regulators in developing countries need to enact coherent, consistent and predictable policies that strengthen fiscal positions and reduce real and perceived risks while expanding investable opportunities.   

Second, multilateral and bilateral lending agencies and private sector entities need to work together to build a pipeline of projects in support of SDGs that are affordable, viable and impactful.

Thirdly, an increase in the availability of concessional financing is a must, especially for the Least Developed Countries.

Finally, investment in the capacities of relevant personnel within governments, regulators and financial sectors is also urgently required to take advantage of innovative solutions and attract finance towards the SDGs, including from international public finance sources.

At the regional commissions, we recognize and understand the specific challenges and financing needs to unlock SDG investments and stand ready to work with all stakeholders to support them.

Thank you.

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