Cuba, Conference on Financing for Development, international institutions, cooperation, government agencies, innovative initiatives, financing, economic development, Havana, 2024

Debate in Cuba on financing opportunities and challenges

Havana, May 16.- The Havana 2024 Conference on Financing for Development will bring together international institutions, cooperation actors and government agencies today in Cuba to discuss innovative sources and initiatives to finance development.

According to the United Nations Development Program (UNDP), among the objectives of the event – ??until May 17 – are the country's challenges and opportunities for access to international financing in areas such as the energy transition, production of medicines. and environmental conservation.

It will also make visible good global practices in channeling external financing for development from regional and subregional development banks; as well as experiences in the operation and creation of national development banking entities or other innovative mechanisms.

The international organization recalls that the UNDP's 2024 Financing for Sustainable Development Report highlights the crisis facing the world in this regard, the core of which are financial challenges.

The UNDP adds that previously the Global Strategic Plan 2022-2025 identified financing for development as an accelerator of the 2030 Agenda.

Hence, the plan promotes partnership between governments and the public and private sectors to align capital flows towards the goals of the Sustainable Development Goals and promote financing on another scale.

While from Cuba, the Joint Program “Support for the formation of an Integrated National Financing Framework for the SDGs in Cuba” between 2020 and 2023; identified that the main restriction to development for a small, open and developing economy are restrictions on access to external financing. That country currently presents a complex economic situation as a result of the pandemic, the international crisis, and challenges associated with updating its economic model.

Together with the strengthening of the economic, commercial and financial blockade of the United States against the nation through the imposition of unilateral coercive measures that include its inclusion in the list of countries sponsoring terrorism.

The event was convened by the Ministry of Economy and Planning, the Central Bank of Cuba and the UNDP in alliance with the Ministry of Foreign Trade and Foreign Investment, the Ministry of Foreign Affairs of Cuba, and in coordination with the Central American Integration Bank Economical.

Other international financial institutions will attend, such as the Development Bank of Latin America and the Caribbean, national development banks in the area, international funds linked to climate financing, foreign companies based on the Island, and representatives of the United Nations System. (Text and photo: PL)

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