Today's discussions are taking place at a very important time both globally and in Azerbaijan, FAO Representative in Azerbaijan and Head of the Partnership and Liaison Office, Nisar Hayat, said at the session titled “8th SDG Dialogue: Innovative Financing for Sustainable Development – Beyond Aid and Traditional Official Development Assistance (ODA)” held within the framework of the Islamic Development Bank Annual Meetings in Baku, APA-Economics reports.
According to him, at the global level, the world is facing a widening financing gap for achieving the Sustainable Development Goals (SDGs), declining official development assistance, and increasing pressure on public budgets.
He noted that many developing countries, particularly middle-income countries, are experiencing growing difficulties in accessing affordable and concessional financing.
“This reality was strongly reaffirmed at the Fourth International Conference on Financing for Development held in Seville last year. There, the international community adopted a new ‘Seville Agreement’ aimed at addressing the annual $4 trillion SDG financing gap, reducing debt risks, and creating an international financial architecture that better meets the needs of developing countries,” he said.
“In Azerbaijan, we are seeing encouraging progress. Large-scale reforms are being implemented to strengthen sustainable and inclusive economic growth. The country has taken important steps in implementing the Sustainable Finance Roadmap for 2023–2026 and in developing the National Green Taxonomy. This creates a solid foundation for aligning financial flows with environmental and social priorities,” he added.
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