The Union of Arab Banks (UAB) submitted at the SDG Summit in New York a commitment to encourage Arab banks to provide a target of $1 trillion in SDG financing by 2030, in partnership with the United Nations Economic and Social Commission for Western Asia (ESCWA).

 

This ambitious financing target aims to accelerate SDG implementation in the 22 Arab States and support the achievement of the six major SDG transitions in the following areas: social protection, energy, education, food systems, digital transformation and biodiversity and nature.

 

“We are launching this initiative on the first day of the SDG Summit to contribute as much as possible to the transformative actions leading up to 2030,” UAB Secretary-General Wissam Fattouh said. “Integrating the SDGs into economic transformation is crucial and requires the contributions of all stakeholders across sectors. This commitment underscores our dedication to fostering sustainable development in the Arab region, making it a reality for our communities and nations,” he stressed.

 

Potential beneficiaries from the initiative include Governments, businesses (including micro, small and medium-sized enterprises) and households in the Arab region.

 

“We are immensely proud of our longstanding partnership with UAB, and we applaud their monumental commitment poised to spark transformation and drive lasting impact in the Arab region. In a landscape where challenges are met with growing resolve and investment, UAB's dedication signifies a historic milestone towards creating lasting change and accelerating SDG implementation,” ESCWA Executive Secretary Rola Dashti underscored. “We believe it is a win-win measure for all, one that will move the region towards prosperity and narrow the financing gap extensively,” she added.

 

The SDG Summit provides an opportunity to secure the breakthroughs and momentum needed to change course and achieve the Global Goals by 2030. It will call on all stakeholders to register their initiatives, actions, policies and commitments aimed at stepping up ambition to drive the transformation needed to deliver these Goals.--OGN/TradeArabia News Service