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New development goals get funding from ADB

/ 12:40 AM October 03, 2015

The Asian Development Bank (ADB) has committed to increase its lending packages to help countries achieve the newly adopted Sustainable Development Goals (SDGs), now being popularized as the “Global Goals” of 2030.

The Philippines-based bank earlier this week signed a partnership agreement with the United Nations Development Program (UNDP) and the UN Economic and Social Commission for Asia and the Pacific (Escap) to boost implementation of initiatives geared to the achievement of the 17-item SDGs.

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“In financing sustainable development, ADB will increase its overall lending by up to 50 percent from 2017 to around $20 billion a year and double its climate financing to $6 billion a year by 2020,” ADB vice president Stephen P. Groff said in a joint statement.

“ADB applauds the increased ambition of the SDGs and will support these in Asia through increased investments in human needs, infrastructure, and cross-border public goods,” Groff said.

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The SDGs—which governments adopted last week during the opener of the UN summit—seeks to build on and continue the eight-point Millennium Development Goals (MDGs) that UN members adopted in 2001. This is with the end view that the MDGs will be achieved this year.

“Our (Asia-Pacific) regional experience, and relative success in MDG achievement, has set the stage for the implementation of the SDGs,” UN Escap executive secretary Shamshad Akhtar said.

“What we need now is a focus on areas such as financing, science, technology and innovation—and in this context, we have to lead on policy consistency and coherence,” added Akhtar, who is also UN under-secretary general.

“Building the future we want requires mainstreaming sustainable development in national plans and budgets, and backing them with strong follow-up and review at the regional level.”

Also, the ADB, UNDP and Escap intend to deepen their existing collaboration to advance regional action to end poverty and inequality, support better environmental stewardship, and promote shared prosperity and well-being for all peoples.

They said this will be achieved by facilitating high-level policy dialogues and capacity-building services, delivering quality knowledge products, and promoting strategic development cooperation in the region.

The SDGs relate to ending poverty; eliminating hunger; ensuring good health and well-being; quality education; gender equality; clean water and sanitation; affordable and clean energy; decent work and economic growth; industry, innovation and infrastructure; reduced inequalities.

It also supports sustainable cities and communities; responsible production and consumption; climate action; life below the water; life on land; peace, justice and strong institutions; and partnerships to achieve the goals.

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TAGS: Asian development bank, Business, lending packages, Sustainable Development Goals
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