The first draft of Colombia’s development finance assessment was concluded in March 2022, shedding light on Colombia’s need to adopt more integrated and innovative financing approaches. The report outlines 14 specific recommendations to strengthen institutional management of all financing for development. These recommendations will feed into the next National Development Plan and the SDG financing strategy.
To strengthen the synergy between public policy planning and financing, the Government of Colombia is introducing SDG tagging to national budgets and development cooperation projects. The government has also introduced a quantitative model to simulate how future budgetary scenarios may influence SDG indicators.
The Government of Colombia has developed several SDG Impact tools to encourage private sector alignment with national development priorities. For example, by developing an SDG Investor Map, the government identified 22 investment areas where private capital can accelerate the SDGs.
Furthermore, the government-led SDG Corporate Tracker compiles voluntary reporting of sustainable activities from around 500 companies using GRI standards.
To better integrate women’s perspectives into development planning and budgeting processes, the government created a training course for subnational governments. The course focuses on applying a gender lens to budget planning, monitoring and policy implementation.
Through its INFF process, the Government of Colombia will continue to strengthen the link between development planning and financing and increase the engagement of the private sector, development partners, academia, and civil society in financing sustainable development.