Harmonization of SDGs Financing
On October 1, a two-day training seminar on the topic of: "Coordination of the financing system for the sustainable development goals in Kazakhstan".
The session reviewed the potential of the Institute for economic research to contribute to ESCAP's planned assessment of SME financing. The SDG financing methodologies and active collaboration with SMEs to implement the SDGs were discussed in more detail.
Key conceptual approaches to financing for development and recovery from the Covid-19 pandemic were explained to participants.
In turn, the Development Finance Assessment (DFA) is designed to support the government's efforts to implement the 2030 agenda, providing a framework for the government's approach to strengthening SDG funding mechanisms.
UNDP, together with the Asian Development Bank, conducted 20 DFA for various countries. UN member states have recognized the challenges of financing the SDGs in the Addis Ababa Action Agenda. It was decided to establish Integrated National Funding Systems (INFS) to support sustainable development strategies.
In addition, UNDP has developed a number of tools to analyze existing financial resources and identify opportunities to better mobilize additional sources of funding to achieve the SDGs, including the DFA.
At the working session, the speaker Mr. Masato Abe presents the ESCAP framework for assessing access to finance for small and medium-sized enterprises (SMEs).
SMEs are not sufficiently developed in Kazakhstan. According to the World Bank (2018), SMEs (including private and public sector SMEs) in Kazakhstan account for 20% of GDP, but provide only 28% of jobs. For comparison, in Saudi Arabia, SMEs account for 20% of GDP, while creating 51% of jobs, in the United Arab Emirates, SMEs account for 30% of GDP, providing 86% of jobs.
Speaker Mr. Gregory DePaepe presented the current development finance trends and practical next steps for the Institute to implement the Joint Program work plan.
As part of the planned update of the DFA report, it is planned to assess the costs of achieving the SDGs and determine financial targets for public and private resources. The working session was aimed at a concrete assessment of likely problems, risks and gaps in order to develop the main analytical results of the Joint Program. The main stages, practical requirements and key results of the work are discussed.
The result of working together will undoubtedly have a positive effect, based on an analysis of available data, key stakeholders and capacity needs.
As a result of the two-day seminar, the participants reached an agreement on mutual cooperation to achieve the goal of updating and completing the assessment of financing for development of Kazakhstan.
1. The creation of a coherent funding strategy of the SDGs and its major institutional components;
2. Development of tools in the field of gender and children's budgeting;
3. Strengthening the national architecture for implementing the SDGs.