Unlocking Private Sector Capital for SDG-Aligned Investment Opportunities in the Global South

May 9, 2024

New York, April 25, 2024 – Countries from the Global South are implementing innovative solutions in the realm of impact investing and SDG-aligned investments to unlock private capital to achieve positive social and environmental impact. This was the central message of a high-level event co-hosted by the Government of Türkiye, Government of Azerbaijan, the Istanbul International Center for Private Sector in Development (ICPSD) and UN Department of Economics and Social Affairs (DESA), "Unlocking Private Sector Capital for SDG-Aligned Investment Opportunities in the Global South", This landmark event was held on the margins of the UN SDG Investment Fair and the 2024 session of the UN Economic and Social Council (ECOSOC) Forum on Financing for Development Follow-up in New York.

The event brought together representatives from governments, international organizations, business leaders, and experts in impact investing and sustainable finance to share experiences and explore innovative solutions for mobilizing private sector resources towards achieving the Sustainable Development Goals (SDGs) in the Global South.

In his opening remarks, H.E. Ambassador Ahmet Yıldız, the Permanent Representative of Türkiye to the United Nations, emphasized the critical role of the private sector in driving sustainable development and highlighted Türkiye's commitment to fostering an enabling ecosystem for impactful investments in Türkiye and globally. H.E. Mr. Yıldız expressed that Türkiye is honored to host two prominent actors in the UN Development Agenda: the UNDP Istanbul International Center for Private Sector in Development and the UN Technology Bank for Least Developed Countries. He underlined that this gathering does not only highlight Türkiye's commitment to advancing the UN's development objectives but also signifies its dedication to supporting initiatives that empower the private sector and promote technology transfer for the benefit of the least developed countries.

H.E. Yashar Teymur oglu Aliyev, the Permanent Representative of Azerbaijan to the United Nations, echoed these sentiments, underlining Azerbaijan's dedication to supporting SDG-aligned investments and sharing its expertise with other developing countries in Global South. H.E. Mr. Aliyev emphasized that Azerbaijan will be the host country and the chair of the 29th session of the Conference of the Parties (COP) this November. He underlined that as the host country of COP29, Azerbaijan will primarily serve as the bridge between the Global North and Global South, with a central theme focusing on finance, amplifying the voices of all parties, with special attention to the role of the private sector.

Mr. Navid Hanif, Assistant Secretary-General for Economic Development of UN-DESA, highlighted the crucial role of economic development in achieving sustainable global progress and highlighted that UN-DESA has been committed to fostering inclusive economic growth worldwide. Mr. Hanif emphasized the urgent need to transform the credit rating framework to ensure perceived risks are not higher than real risks. He also underlined the importance of the public sector’s contribution to risk-sharing with private sector investments, and the enhancement of the capacities of financial institutions to mobilize SDG-aligned private capital globally.

Mr. Erhan Sırt, Head of Multilateral Development Cooperation, Presidency of the Republic of Türkiye’s Presidency of Strategy and Budget, complementary to H.E. Mr. Yıldız, outlined Türkiye's holistic approach to implement Agenda 2030 and strategy for multilateral development cooperation, emphasizing the country's commitment to leveraging partnerships and resources to address global challenges and promote sustainable development goals through integrating SDGs to their National Development Plans (NDPs) and sectoral strategies.

The panel session, moderated by Mr. Sahba Sobhani, Director of UNDP ICPSD, featured esteemed speakers including H.E. Esen Altuğ, Ambassador and Director General for Multilateral Economic Affairs at the Ministry of Foreign Affairs of Türkiye, and H.E. Dr Ali Naseer Mohamed, Ambassador of the Maldives Mission to the United Nations. Representatives from private sector included Mr. Ketan Patel, CEO at Greater Pacific Capital, Mr. Craig Cogut, Founder, Chairman and CEO at Pegasus Capital Advisors and Mr. Farhod Inogambaev, Managing Director Debt Capital Markets Investment Banking at Oppenheimer. The panel discussed topics such as the role of the private sector in SDG financing, challenges, and opportunities for impact investing in Small Island Developing States (SIDS) and Landlocked Developing Countries (LLDCs), and the importance of South-South cooperation in advancing SDGs.

Marcos Neto, UN Assistant Secretary-General and UNDP Assistant Administrator highlighted the event’s importance as a precursor to several significant gatherings, including the 4th International Conference on Small Island Developing States (SIDS4) in Antigua and Barbuda, the Third United Nations Conference on Landlocked Developing Countries (LLDC3) in Rwanda, the Summit of the Future, and the 29th session of the Conference of the Parties (COP 29).

UNDP ICPSD

In his closing remarks, Mr. Marcos Neto, UN Assistant Secretary-General and UNDP Assistant Administrator highlighted the event’s importance as a precursor to several significant gatherings, including the 4th International Conference on Small Island Developing States (SIDS4) in Antigua and Barbuda, the Third United Nations Conference on Landlocked Developing Countries (LLDC3) in Rwanda, the Summit of the Future, and the 29th session of the Conference of the Parties (COP 29).  And he commended Türkiye and Azerbaijan for their concrete efforts on South-South Cooperation in promoting SDG-aligned investments and reiterated the UN's commitment to supporting countries in achieving the 2030 Agenda.

H.E. Ernest Rwamucyo, Permanent Representative of the Rwanda to the United Nations and H.E. Mr. Enkhbold Vorshilov, Permanent Representative of Mongolia to the United Nations have also delivered closing remarks, underlining the key role played by South- South cooperation and SDG financing in sustainable development efforts of LLDCs and SIDs. 

H.E. Mr. Vorshilov emphasized the crucial importance of private investment and capital for LLDCs, alongside public investment and international finance. He stressed that for the next decade, LLDCs seek support and private investment in i) Structural Transformation and Science, Technology and Innovation; ii) Trade, Trade Facilitation and Regional Integration; iii) Transit, Transport and Connectivity; and iv) Enhancing Adaptive Capacity, Strengthening Resilience and Reducing Vulnerability to Climate Change and Disasters.

The event concluded with a networking reception, providing attendees with an opportunity to engage in discussions and explore potential collaborations to accelerate progress towards the SDGs. 