Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, confirmed the importance of the role that MDBs and private sector can play for Putting SDG Stimulus into Action.
This came during his chairing of a session on “SDG Stimulus” within the events of SDG Mobilization Day in New York, attended by Woochong Um, Managing Director General of the Asian Development Bank, Danny Alexander, Vice President for Policy and Strategy of the Asian Infrastructure Investment Bank, Francisco Carneiro, Economic Advisor in the Development Finance Vice Presidency of the World Bank, Jay Collins, Vice Chairman, Banking, Capital Markets and Advisory at Citigroup, and Mariana Mazzucato, Professor of the Economics of Innovation and Public Value at University College London.
Mohieldin said that MDBs can play a crucial role in implementing SDG Stimulus plan, whether through their ability to direct global savings to provide long-term financing at an affordable cost for development action, or through their ability to stimulate private sector financing and investment and leverage it for SDGs.
Mohieldin discussed with the speakers the initiatives of the MDBs to mobilize financing for development action in general, and climate action in particular. The session also reviewed the WB Evolution Roadmap to develop its policies and performance in a way that enhances its ability to meet the increasing financing needs of development and climate action.
Mohieldin and the speakers discussed the role of the Global Investors for Sustainable Development Alliance in providing effective solutions to fill the gap in financing development action, and the mechanisms of joint work between the private sector and MDBs to enhance investment in the fields of sustainable development.