Innovative Financing Mechanisms for South-South and Triangular Cooperation Highlighted at GSSD Expo

New York, 28 November – Innovative financing mechanisms for South-South and triangular cooperation were highlighted during the Global South-South Development Expo at UN Headquarters in New York. This plenary session was organized by UNOSSC, in partnership with the Permanent Mission of India to the United Nations. Panelists included Ambassador Syed Akbaruddin, Permanent Representative of India to the United Nations;  Ms. Fekitamoeloa Katoa ‘Utoikamanu, Under-Secretary General and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UNOHRLLS); Mr. Francois Martel, Secretary General, Pacific Island Development Forum (PIDF) ; Vice President for Countries, Mr. Jorge Moreira da Silva, Director, Development Cooperation Directorate, Organization for Economic Cooperation and Development (OECD); Mr. Alexandre Meira da Rosa, Inter-American Development Bank (IDB); Mr. Ashwani K. Muthoo, Director of the Global Engagement and Multilateral Relations Division, International Fund for Agricultural Development (IFAD); and Mr. Jorge Chediek, Director of UNOSSC and Envoy of the Secretary General on South-South Cooperation. Over 200 other United Nations officials and registered participants from all over the world were present. The session began with the signing of Statement of Intent between UN-OHRLLS and UNOSSC to formalize their partnership in support of the development through South-South and triangular cooperation in LDCs, LLDCs and SIDS. Mr. Jorge Chediek, Director of UNOSSC and Envoy of the Secretary General on South-South Cooperation welcomed the panellists and audience members and invited His Excellency Ambassador Syed Akbaruddin, Permanent Representative of India to share his views on innovative financing mechanisms. Ambassador Akbaruddin highlighted innovative features of the India-UN Development Partnership Fund including ease of access, innovative project selection, quick response for disaster recovery projects. Citing the example of Pacific Island States, he highlighted the first project under this Fund, a multi-country project to enhance climate resilience capacities in seven Pacific Island states, bringing a regional perspective to addressing the transboundary challenges posed by Climate Change.  

“There is a wealth of knowledge and expertise to be gained from financial institutions of the South, including those who are here with us today, with a proven track record, global presence, and client base that can advise Global South governments on creating enabling conditions to attract private-sector investment for the achievement of SDGs,” Jorge Chediek, Director of UNOSSC and Envoy of the Secretary General on South-South Cooperation “Our entire approach is encapsulated in what we call the “1-2-3 approach. We would approve projects within 1 month of the project being received. We hope that those projects will be completed in two years. No projects continue beyond a period of three years. Our idea is to have a demonstration effect and solidarity with various developing countries through the 1-2-3 approach for South-South Cooperation.” H.E. Mr. Syed Akbaruddin, Permanent Representative of India

  The panel provided an overview of how South-South cooperation financing instruments, models and mechanisms could advance collaboration and partnerships in terms that are advantageous to developing countries and coherent with the policy and operational guidance outlined in major UN documents on South-South cooperation.  

“I must underline the importance of climate financing as an emerging field in South-South cooperation. Many SIDS are most exposed to the impact of climate change. It is an understatement if I say that they are in dire need of amplified and also simplified access to appropriate climate finance.” Ms. Fekitamoeloa Katoa ‘Utoikamanu, Under Secretary General and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States

  The thematic forum highlighted instruments and best practices in innovative South-South financing for the Sustainable Development Goals, with examples from various South-South and Triangular Cooperation funds, banks and inter-governmental partnerships initiatives.       For more information, or to schedule media interviews, please contact: Mr. Mahesh Kumar, First Secretary, Permanent Mission of India to the United Nations (maheshindiaun@gmail.com  +1 917 446 9782) Mr. Nassim Davlatshoev, Chief, Programme Support Unit, United Nations Office for South-South Cooperation (nassim.davlatshoev@unossc.org  +1 212 906 5123) Ms. Sumeeta Banerji, Policy Specialist, United Nations Office for South-South Cooperation (sumeeta.banerji@unossc.org  + 1 917 499 1676) ****   UNOSSC is a knowledge hub on South-South cooperation providing advisory and consulting services to United Nations Member States, United Nations entities, civil society and other stakeholders on South-South and triangular cooperation. It enables developing countries to effectively face their development challenges and collectively harness opportunities to address them, while monitoring progress on the implementation of the Buenos Aires Plan of Action, the New Directions Strategy and the Nairobi outcome document. UNOSSC ensures that our Southern constituencies have timely access to high-quality analytical planning, mapping, programming, and reporting on data, trends and opportunities that will propel South-South and triangular cooperation in ways that ensure success.  UNOSSC manages and supports the implementation of South-South cooperation trust funds, namely the Perez-Guerrero Trust Fund for South-South Cooperation, the India, Brazil and South Africa Facility for Poverty and Hunger Alleviation (IBSA Fund), the India-UN Development Partnership Fund and the United Nations Fund for South-South Cooperation (UNFSSC), including a number of dedicated facilities therein such as. For more information: https://ssg.undp.org.rs/