Report: Arab countries need $230bn for sustainable development
Arab countries require $230 billion annually to achieve the sustainable
development goals, a report by the Lebanon-based Arab Forum for
Environment and Development (AFED) revealed yesterday.
The report, titled “Financing Sustainable Development in Arab
Countries”, said that the current funding gap was estimated at more than
$100 billion a year, stressing that “corruption leads to the loss of
the same amount every year.”
The losses in the economic activity due to the region’s wars and
conflicts since 2011, AFED pointed out, amounts to around $900 billion,
adding that precedent, along with the requirements of reconstruction,
hinder the implementation of the sustainable development.
AFED also noted that transformation and diversification of traditional
funding, combating corruption and concrete cooperation between the
private and public sector were required for achieving sustainable
development.
Former Lebanese prime minister, Fouad Siniora, who attended the forum,
told the Anadolu Agency that fiscal reforms were needed “to open the way
to a green economy in the Arab region”.
Siniora called for halting “destruction and for channelling the available resources and efforts towards a reform process.”
“The banking sector must adopt new and innovative methods to contribute
to securing the financing required for sustainable development to
stimulate private banks towards a green economy,” he explained.
AFED is a regional non-governmental and non-profit organisation, which
brings together experts and academics with civil society organisations
and businesses to promote advanced environmental policies and programs
across the Arab world. Over 400 delegates from 40 countries representing
governments, regional and international organisations, as well as 50
students from different Arab universities, participate in the
conference.
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