Heavily indebted countries in the Arab region have pressing financing needs to address development issues such as climate change, as they are grappling with a series of crises. In this context, ESCWA received a grant worth $1.7 million from the Open Society Foundations (OSF) for an initiative it is launching to catalyze increased public spending on achieving the Sustainable Development Goals (SDGs).
The initiative - from April 2023 until September 2025 - will help member States identify investment projects which prioritize the region’s most urgent needs, and reach agreements with their creditors to redirect scheduled debt service payments into sustainable local investments.
Most importantly, it will provide a channel for civil society organizations in the region to have a voice about where such kinds of innovative financing are most needed.
News
16 Mar 2023
ESCWA receives grant to support debt-swap for sustainable development
