From Nigeria to Fiji
How the India-UN Development Partnership Fund is helping meet sustainable development goals
WHEN the Government of India launched the India-UN Development Partnership Fund in June 2017, it signalled its intent to provide support for projects in developing countries, particularly in the Global South, that aim to contribute to achieving Sustainable Development Goals (SDGs).
Over the past few years, the fund has allocated finances for projects ranging from poverty reduction and clearing land mines to climate disaster risk financing and maternal health services.
As of now, the Indian Government has committed USD 150 million over the next decade for the Fund. This includes USD 50 million to support fellow Commonwealth developing countries, USD 14 million for the CARICOM group of countries and USD 12 million for the Pacific Islands Developing States (PSIDS).
Here are some illustrative examples of how the India-UN Development Partnership Fund is trying to make a difference across the world.
Financial Assistance of $US1 million ($F2.2m) to Nigeria
India will provide $US1 million ($F2.2m) in financial assistance through the ‘Commonwealth Window’ of the India-UN Development Partnership Fund at the request of the Government of Nigeria.
This funding will be allocated to the project titled ‘Biodiversity Business in Biosphere Reserves— ‘a means to poverty reduction, biodiversity conservation, and sustainable development’.
The main goals of this project are to acquire the instruments and equipment required for creating different biodiversity-based livelihood activities, carry out stakeholder discussions and stakeholder mapping, and perform socio-economic surveys.
The project will contribute to Sustainable Developments Goals relating to zero hunger, quality education, decent work and economic growth and life on land.
Funding for Fiji’s Project on Climate Disaster Risk Financing
India will extend funding support of $US700,000 ($F1584,000) from the India-UN Development Partnership Fund for the project ‘Scaling climate disaster risk financing framework and parametric insurance’.
The project seeks to extend parametric insurance digital solutions to households most vulnerable to climate catastrophe. The project expects 5000 households and 200 MSMEs to register and benefit from the new parametric scheme.
The scheme will include heavy wind and heavy rainfall products as well as insurance products specifically for micro, small and medium-scale enterprises. It will develop financing solutions like digital savings and parametric micro-insurance products specifically for women and expand customer education campaigns.
‘India’s funding support to Fiji for this project will assist local communities vulnerable to cyclone and related natural disasters,’ Kamboj said.
The project will contribute to achieving Sustainable Development Goals (SDG 17 strengthen the means of implementation and revitalise the global partnership for sustainable development).