PM Urges UN To Mobilize Private Investment In Developing Countries To Achieve SDGs

Caretaker Prime Minister Anwaarul Haq Kakar says the United Nations system should address the reasons for the possibility of private investment in developing countries which include currency risk, weak capacity to prepare viable investment projects, high cost of capital and deficient regulatory frameworks.

ISLAMABAD: (UrduPoint/UrduPoint / Pakistan Point News-Sept 21st, 2023) Caretaker Prime Minister Anwaar ul Haq Kakar on Thursday urged the United Nations to mobilize private investment in developing countries to achieve the Sustainable Development Goals.

He was addressing a high-level dialogue on Financing for Development on the sidelines of the 78th UNGA in New York.

The Prime Minister said the United Nations system should address the reasons for the possibility of private investment in developing countries which include Currency risk, weak capacity to prepare viable investment projects, high cost of capital and deficient regulatory frameworks.

He proposed that an investment proportion entity could be established under the UN's umbrella as a public-private partnership to create and enlarge the capacity of developing countries to identify the proposed SDG related bankable projects.

The Prime Minister said such UN affiliated entity can also create a professionally managed project unit which could utilize the UN's 130-plus country offices and specialized agencies to develop the capacity of developing countries to prepare, structure and implement SDG oriented projects.

He further said the UN should develop a template for national and international regulatory frameworks to incentivize private investment for developing countries and also develop measures to derisk such SDG related investments through green bonds and blended finance.