Building forward better will require new approaches to financing sustainable development
The need for an integrated and sustainable approach to financing is greater now than it has ever been. The Covid-19 crisis triggered profound socio-economic impacts and rapid changes across the global financing landscape. The new realities of a changing climate make it all the more clear that the current financial system is not aligned with a sustainable future.
There is growing recognition that Africa will not be able to bridge the significant financing gap to achieve the SDGs, estimated at $200 billion per year, with existing government revenues and development assistance. Building forward better will require an integrated vision of financing that invites participation from all key actors – across government, private sector, civil society, and development partners.
The challenge: close the SDG financing gap and align the financial system with investments that benefit people and planet.
About the African Economic Conference 2021
The African Economic Conference took place in Cabo Verde from 2 to 4 December 2021. The conference was jointly organised by the African Development Bank (AfDB), the Economic Commission for Africa (ECA) and the United Nations Development Programme (UNDP).
This year's theme was “Financing Africa’s post-COVID-19 development”. Considering the multidimensional impact of the Covid-19 pandemic on Africa’s development, this theme brought together various stakeholders, including policymakers, the private sector, and researchers, and examined ways and means to expand Africa’s development finance sources sustainably.
Given the added pressure placed on Africa’s development resource by Covid-19, there was no better time to invite researchers, policymakers and partners to learn from best practices and rethink Africa’s development financing model.
About the INFF side event
In over 70 countries around the world, INFFs are transforming the way countries bring new actors and perspectives into the process of designing and implementing national financing strategies. INFFs are helping governments unlock the potential of their financing systems and explore new ways to fund recovery.
The Africa region has led the development and implementation of INFFs, including some of the earliest comprehensive SDG financing strategies. Thirty-six countries across sub-Saharan Africa are currently developing an INFF. Twelve are developing financing strategies for the very first time.
On the sidelines of the African Economic Conference, UNDP hosted an event to explore the ways in which the INFF approach is helping governments think outside the box when it comes to development financing. Experiences from Cabo Verde, Gabon, Nigeria and Tanzania provided rich examples of the innovative approaches emerging from INFFs across the continent.
Learn more about African INFF innovations
- Navigating Nigeria's post-Covid landscape ➞
- Financing Green Gabon ➞
- Blending finance in Tanzania ➞
- Financing Cabo Verde's blue ambition ➞