It is essential to raise additional finance if Africa’s SDGs are to keep on track. Jean-Marc Kilolo outlines how the UN Economic Commission for Africa is helping countries improve their credit ratings and search out innovative ways of financing.
The combination of the coronavirus pandemic, the war in Ukraine and climate change is hampering the efforts of African countries to achieve the Sustainable Development Goals (SDGs) and has created the need to find additional financing if the Sustainable Development Goals are to be rescued.
According to the IMF (2021), Africa’s additional financing needs amount to $285bn between 2021 and 2025. The continent also needs an additional $345bn annually for SDG implementation due to the pandemic.
Therefore, to rescue the SDGs and raise the necessary additional financing will require recourse to innovative finance and capital markets.