UN Targets “Hidden Source” for Development Funding

UN Targets Hidden Source for Development FundingUNITED NATIONS, Nov 5 2015 (IPS) - The United Nations has estimated a hefty funding requirement of over 3.5 trillion to 5.0 trillion dollars per year for the implementation of its ambitious post-2015 development agenda, including 17 Sustainable Development Goals (SDGs), approved by world leaders in September.

But at least one key question remains unanswered: how will the UN convince rich nations and the world’s multinational corporations to help raise the necessary trillions to reach those global goals, including the eradication of poverty and hunger by 2030?

According to the UN, there is at least one “hidden source” for development funding, primarily for the world’s most impoverished continent: capturing the illicit financial outflows from Africa, estimated at over 50 billion dollars annually.

James Zhan, Director of Investment and Enterprise at the UN Conference on Trade and Development (UNCTAD), told delegates that tackling illicit financial flows was essential for Africa to achieve the Sustainable Development Goals.

The estimated resources leaving Africa in the form of illicit financial transfers, he pointed out, was nearly 530 billion dollars between 2002 and 2012.
“That was a huge cost for the continent’s development as those resources could have been invested into Africa’s economic development and structural transformation.”

He said illicit financial flows undermined institutions, drained the state of much needed economic resources, reduced the development resource base and led to higher domestic tax burdens to fill the resource gap.

The 17 SDGs also include quality education, improved health care, gender equality, sustainable energy, protection of the environment and global partnership for sustainable development.


Available at: http://www.ipsnews.net/2015/11/un-targets-hidden-source-for-development-funding/ 

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Supported by the Department for International Development (DFID) UK, this 3 year project focuses on deepening the understanding of the international politics of development diplomacy, including the key political drivers that influence and shape development policy internationally and the impact this has on South Africa as an emerging development assistance partner.

Key Themes

This project considers three key areas:

  1. The development of the South African Development Partnership Agency (SADPA);
  2. Trilateral development partnerships; and
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The aims of this project include:

  • improving the understanding of the current transition taking place within multilateral development cooperation in both the geo-political North and South;
  • understanding the role of multilateral development cooperation for South Africa’s foreign policy and international engagement in the short, medium, and long-term;
  • review potential opportunities as well as obstacles in engaging in international development assistance
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