Global Public Investment and Africa: A better approach to financing the SDGsDownloads
The world’s system of financing public goods and common challenges isn’t working for the African continent. From climate change to vaccine inequity, African countries bear the brunt in a global system that they are unable to influence to respond to its own needs and preferences. This is despite the fact that African needs and priorities are well defined and known through our Agenda 2063.
A new approach, known as Global Public Investment (GPI), offers a promise. With the Covid-19 crisis spurring desire for a significant transformation in how global objectives are funded, and with the climate crisis in full swing, it is time for African governments, businesses and citizens to insist on better partnerships to leverage our own significant domestic and regional efforts. Instead of ‘us and them’, GPI calls for a system based on ‘All Contribute, All Decide, All Benefit’.
Our new discussion paper, produced by Development Initiatives along with Equal International and Development Reimagined, explains why and how Global Public Investment is important for Africa, and what questions remain to be resolved:
Key findings from the paper:
- Development finance architecture in its current form does not meet African needs and is based on outdated colonial narratives
- Challenges posed by infrastructure, global health (including Covid-19) and climate change have, and will continue to, exacerbate problems with current finance design
- Sustainable development is little more than an aspiration unless a more organised framework of financial distribution is implemented
Questions and next steps:
- In 2022, governments and leaders worldwide agree upon a comprehensive list of feasible steps towards implementing GPI
- African governments capitalise on existing – and growing – support for GPI from government agencies, multilateral organisations and civil society organisations
- GPI be used to address existing problems including ensuring equitable recovery from the Covid-19 pandemic
- Principles of GPI are evaluated to ensure it is viable and would work alongside existing architecture.
Read the paper:
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