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Historic expansion of joint UN fund to boost sustainable development

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Historic expansion of joint UN fund to boost sustainable development

United Nations, Feb 14 (Prensa Latina) The UN Joint SDG Fund announced on Monday an additional .5 million in investments for projects across five nations, to try and get the Sustainable Development Goals (SDGs) back on track.
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“The Fund is in a position to bridge the gap in giving and impact investing”, said Hiro Mizuno, UN Special Envoy on Innovative Finance and Sustainable Investments, adding that it offers “a sustainable investment model by leveraging the power of markets to accelerate businesses, empower communities, and provide a clear path to self-sufficiency.”

From health in a world still plagued by the Covid-19 pandemic to youth empowerment and climate change, the investments will respond to the challenges of our time, said the Fund in a press release.

Kenya, Madagascar, North Macedonia, Suriname, and Zimbabwe were selected from proposals submitted by over 100 countries, as being the most impactful and investment-ready to take public.

Under the leadership of UN Resident Coordinators, implementation of investment programs will fuel the UN footprint in the five nations – ushering in a new generation of collaborative action by the UN, government, civil society, and private sector investors.  

Through a development impact bond, the investments include a platform that encourages healthy sexual and reproductive habits, and HIV prevention in Kenya. Madagascar will use a variety of financial instruments, including a newly established sovereign fund, to finance renewable energy projects, and expand access to affordable, 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.

Meanwhile, Suriname will implement an innovative guarantee facility to ease access to credit, a business incubator, and a farmer-owned cooperative, to develop a sustainable and resilient value chain for the country’s pineapple industry.

And with a focus on empowering women and youth participation, Zimbabwe is set to launch 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 transformative programs in Fiji, Indonesia, Malawi, and Uruguay.

Last year, a $17.9 million program in Papua New Guinea was added, and with the addition of these five new programs, the Joint SDG Fund’s Catalytic Investment portfolio will grow to $114 million.

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