IDB, UN plan to boost SDG cooperation, initiatives

RIYADH: The Islamic Development Bank (IDB) and the UN plan to improve cooperation and initiatives for the effective realization of Sustainable Development Goals (SDGs).

This was agreed on during a meeting between IDB President Bandar Hajjar and UN Deputy Secretary-General Amina J. Mohammed at IDB headquarters in Jeddah.

Priority areas for stepped-up cooperation include project development and implementation around shared priority areas and comparative advantages, as well as development of private sector partnerships.

Advancing a global Islamic impact investing platform for blending Islamic financing and private sector resources; aligning key IDB member country partnership strategies to relevant SDGs; and promoting systematic institutional cooperation are also included.

Cooperation will be expanded beyond Arab countries, and beneficiaries will include Africa, Europe, the Commonwealth of Independent States and Asia.

The UN deputy secretary-general pointed out that her visit to IDB headquarters is an opportunity to “start a new era for partnership. We need to have an interactive partnership with strong governments and have results at the country level.”

She elaborated: “There are many instruments available for development, but we need to change the way we do business.”

“Each country has to have a response to its challenges and financing is a challenge, and there are untapped resources around,” she said.

Hajjar stressed that the IDB is fully committed to SDGs, as all 57 member countries signed the Vision 2030 agenda of sustainable development in September 2015.

“The visit of the UN deputy secretary-general is a unique opportunity to strengthen cooperation with the UN for the benefit of IDB-member countries,” he said.