BAKU, Azerbaijan, November 16. Azerbaijan has
been invited to present investment opportunities at the UNVS
Science and Technology Investment Fair to be held next April in New
York, Assistant Secretary General for Economic Development of the
UN Department of Economic and Social Affairs Navid Hanif said,
Trend reports.
He spoke at the II Baku Forum on Sustainable Development.
Hanif noted that now is the right time for cooperation between
sectors and countries to mobilize private investment to achieve the
Sustainable Development Goals (SDGs).
“There is a need to increase private finance and investment for
long-term development.” For example, an annual investment of $1.7
trillion is required to complete the energy shift to renewable
energy. Despite significant progress, the sector generates just
$544 billion per year, the majority of which is generated in
industrialized countries. We can increase the flow of resources by
better utilizing novel financing structures, such as blended
finance, to channel investments to countries and sectors in need,”
he added.
At the same time, according to Navid Hanif, development banks
can play an important role in recruiting extra private finance for
sustainable development. To accomplish this, it is critical to
standardize and increase governance and accountability for a given
impact from private business.
“I strongly encourage you to familiarize yourself with the
projects implemented by the GSE Alliance and consider applying them
to your own business,” he added.
The II Baku Forum on Sustainable Development is aimed at
strengthening the experience exchange and cooperation with the
countries of the region and international organizations in the
implementation of the UN 2030 Agenda.
The event is attended by high-ranking officials from Europe and
CIS countries, representatives of the UN, international financial
and regional organizations, government institutions,
representatives of civil society and private sector, as well as
experts.
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