United Nations on Tuesday urged Kenya to tap private finance in order to achieve the Sustainable Development Goals (SDGs).
Arif Neky, senior advisor UN Strategic Partnerships and National Coordinator, Sustainable Development Goals (SDG) Partnership Platform told a forum in Nairobi that public resources are not sufficient to fund the implementation of the SDGs.
“The only way to address the financing gap is through convergence between private sector and other partners all working together to maximize synergy,” Neky said when Kenya Association of Manufacturers (KAM) launched its environment, social and governance (ESG) arm, uKAMilifu.
He noted that as Kenya’s economy grows it will need to move away from SDG funding to SDG financing.
Neky observed that as Kenya becomes more debt worthy, it will be able to attract a financing pipeline of private capital that pursues a goal of profit with a purpose.
The UN official called for partnerships in investment and financing that go beyond short term fiscal and political cycles in order to catalyze sustainable development.
He added that the east African nation is facing a huge SDG financing gap which also presents huge opportunities for private investors to create value-added self-sufficiency.
According to Neky, through sustainable development, Kenya can achieve inclusive economic growth which creates universal social impact for all. Enditem