Background:

In September 2015, the World Leaders adopted post-2015 development agenda “Sustainable Development Goals (SDGs)” in a UN Summit held in New York. The outcome document was called: Transforming our world: the 2030 Agenda for Sustainable Development.

SDGs consist of 17 Goals with 169 associated targets which are considered to be integrated and indivisible to build strong economic foundations for all countries.

Goal 1 is to end poverty in all its forms everywhere. By 2030, extreme poverty will be eradicated for all people everywhere, currently measured as people living on less than $1.25 a day and the proportion of men, women and children of all ages living in poverty will be reduced at least by half in all its dimensions according to national definitions.

Goal 2 calls for ending hunger, achieving food security and improved nutrition and promotion of sustainable agriculture and ensure access by all people to safe, nutritious and sufficient food all year round. In that context it calls for correction and prevention of trade restrictions and distortions in world agricultural markets in accordance with the mandate of the Doha Development Round.

Goal 8 calls for the promotion of sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. It requires sustaining of per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries. Achieving higher levels of economic productivity through diversification, technological upgrading and innovation; ensuring sustainable consumption and production patterns by implementing the 10-Year Framework of Programmes on Sustainable Consumption and Production Patterns; promoting development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services are among the targets of SDG 8.

In addition to specific goals mentioned above, Goal 17 would also seem to be relevant for the finance community. This Goal calls for increased Official Development Assistance (ODA) as well as mobilization of additional financial resources for developing countries. It also has considerations for promoting a universal rules based, open, non-discriminatory and equitable multilateral trading system as well as on systemic issues like enhancing global macroeconomic stability as well as coherence for sustainable development.

In order to highlight the critical importance of sustainable finance for the achievement of the Sustainable Development Goals, Islamic Development Bank (IDB), ADFIMI, The World Bank, SDG Center for Africa (SDGCA) and the World SME Forum (WSF) agreed to organise a panel on ‘SDG Financing: Enhancing the Role of National and Regional Development Financing Institutions’ in order to examine the state of implementation of SDGs as well as financing available for the implementation of SDGs through NDFIs.

Objectives:

The main objectives of the Panel are:

• To inform ADFIMI member and non-member National Development Financing Institutions (NDFIs) about SDGs, its importance, its sub-targets, deadlines, investment requirements especially those SDGs that are of direct relevance to financing community.

• To study the financing made available by multilateral development banks and other institutions (ODA) and the conditions of availability of these funds for the NDFIs.

The panel discussion is also expected to set the scene for thinking and action around SDG financing for the following areas:

• The role of NDFIs especially development banks and their potential involvement in the implementation of SDGs.
• The potential of Islamic finance in the implementation of SDGs with specific reference to Islamic modes of finance.
• Which innovative financing mechanisms could be utilized to achieve SDGs?
• What kind of partnership could be formed with stakeholders to mobilize financing?
• What role (if any) ADFIMI and its member institutions could play in the follow up of the implementation of SDGs in IDB member countries? How could this be managed?

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