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UN agency and EXPO Dubai 2020 agree on strengthening cooperation for Global Goals

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The United Nations Industrial Development Organization (UNIDO) and EXPO Dubai 2020 signed Wednesday a Memorandum of Understanding on strengthening joint cooperation, including hosting the World Entrepreneurs Investment Forum (WEIF) 2020 in Dubai, United Arab Emirates.

“This partnership proves that the private sector can make significant contributions toward inclusive and sustainable development,” said Miroslav Lajčák, the President of the UN General Assembly, welcoming the signing in Bahrain.

“I also welcome the parties’ intention to share knowledge around investment and entrepreneurship for development to achieve the Sustainable Development Goals (SDGs),” he added.

Mr. Lajčák arrived in the capital, Manama, Wednesday to attend the ongoing WEIF 2017, organized by UNIDO in partnership with the Government of Bahrain.

In his remarks at the signing ceremony, Mr. Lajčák noted that the hosting of the 2020 edition of WEIF in Dubai is further proof of the region’s interest and commitment to encourage all stakeholders to work together with UNIDO to strengthen the implementation of the SDGs through promotion of entrepreneurship and innovation.

This year’s WEIF, as well as the one in 2015, have been held in Manama.

Prior to his arrival in Bahrain, the President of the General Assembly was in Paris, France, where, among other engagements, he addressed the Leaders’ Forum of the 39th UN Educational, Scientific and Cultural Organization (UNESCO) General Conference, held under the theme of SDGs and the role of UNESCO in the multilateral system, Tuesday.

“We need multilateralism – more than ever before […] If we want the next generation to be born into a better world, we only have one option. And that is strong multilateralism, with the UN System at its core,” Mr. Lajčák said in his remarks at the occasion.

While in Paris, Mr. Lajčák also held meetings with senior officials from the European Union, Bosnia and Herzegovina and France, and discussed issues including his priorities for the 72nd session of the General Assembly, climate change, sustainable development, biodiversity and regional matters, according to a news release from his Office.

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Development

Rush for new profits posing threat to human rights

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The finance industry’s demand for new sources of capital worldwide to satisfy investors, is having a serious negative impact on the enjoyment of human rights, a group of UN-appointed independent rights experts have warned

Among the rights at risk from increasing speculation in the financial markets by hedge funds and other investment funds, are the right to safe drinking water and sanitation, food, adequate housing, development, and a healthy and sustainable environment, among others.  

Exploiting the marginalized 

In a statement, the independent Special Rapporteurs and other experts, expressed their concern over the gradual encroachment of financial speculators into new areas of the economy, putting human rights at risk

They highlighted in particular, trading in areas essential for the enjoyment of human rights of marginalized, indigenous peoples, Afro-descendant and peasant communities, persons with disabilities and persons living with Albinism, as well as those living in areas of conflict. 

The experts also pointed out that so-called financialisation – the growth in new financial instruments since the 1980s managed by new financial services – has a disproportionate impact on the enjoyment of their rights by women and girls, who are systematically victims of discrimination. The impact on older people was also highlighted. 

Effect on housing 

According to a former Special Rapporteur on adequate housing, in recent years massive amounts of global capital have been invested in housing as a commodity, as security for financial instruments that are traded on global markets, and as a means of accumulating wealth. 

However, when the 2008 global financial crisis hit, many houses suddenly lost much of their value, and individuals and families were made homeless overnight. 

The expert also pointed out that in the Global South, informal settlements in Southern cities are regularly demolished for luxury housing and commercial development intended for the wealthiest groups of the population

This process of financialisation of assets, has only been reinforced during the COVID-19 pandemic, the expert said. 

‘Speculative food bubble’ 

In agricultural markets, the experts described how the same big international banks responsible for the global financial crisis, invested billions of dollars in food futures, generating an increase in the prices of raw materials such as wheat, corn and soybean, which doubled and even tripled in a few months, creating a new speculative food bubble

According to the World Bank, between 130 and 150 million more people were pushed into extreme poverty and hunger, mainly in low-income countries depending on food imports to feed their populations. 

The experts highlighted how the financialisation of housing and food has exacerbated inequalities and exclusion, disproportionately affecting heavily indebted households and those on low incomes. 

Applying speculative logic in these areas violates the human rights of people in poverty, exacerbates gender inequality and aggravates the vulnerability of marginalized communities, they said. 

Commodifying nature 

The growing monetization and commodification of ecosystem services, such as carbon storage, were also noted by the experts. 

They warned that it threatens the sustainability of ecosystems, marginalizes natural and cultural values that have no apparent economic value, and weakens the control of indigenous peoples and local communities over their territories

The right to pollute and destroy nature is gradually being legitimized and commercialized, they said. 

They also pointed out that addressing the climate emergency often ignores both the impacts on people in poverty, and undermines the human rights and livelihoods of the poorest. 

The eviction of indigenous peoples from forests or the replacement of complex old-growth forests with monocultures of fast-growing non-native tree species was highlighted as an example of this. 

Treating housing, food, or the environment, as assets to be traded by hedge funds and other financial actors in financial derivatives markets, represents a direct attack on people’s exercise and enjoyment of human rights such as the right to housing, to food, to a healthy environment, or to drinking water and sanitation, the experts stated. 

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Finance

Bosnia and Herzegovina Should Focus on Job Creation

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The Western Balkans region is rebounding from the COVID-19-induced recession of 2020, thanks to a faster-than-expected recovery in 2021, says the latest edition of the Western Balkans Regular Economic Report, Greening the Recovery.

The outlook for the region has improved significantly, with GDP growth now projected to reach 5.9 percent in 2021, after a 3.1 percent contraction in 2020. Growth in the region is projected at 4.1 percent in 2022 and 3.8 percent in 2023.

In Bosnia and Herzegovina, real GDP is expected to grow 4 percent in 2021 after contracting 3.2 percent in 2020. As BiH’s economy rebounds in 2021, improvements in labor market participation and employment will remain key for growth to translate into poverty reduction.

Addressing bottlenecks causing persistent long-term unemployment, such as enhancing formal labor market participation, especially for women, and reducing skills mismatches for youth will be key. The report also notes that institutional and governance reforms remain important challenges on Bosnia and Herzegovina’s development path and on the road to EU membership.

“The COVID-19 pandemic has made the implementation of much needed structural reforms in BiH all the more urgent,” says Christopher Sheldon, World Bank Country Manager for Bosnia and Herzegovina and Montenegro. “The World Bank is committed to helping the governments in BiH develop long-term solutions that will build a more resilient, inclusive economy in the post-pandemic era, by improving human capital, enhancing the efficiency of the public sector, enabling the growth of the private sector and reducing the vulnerabilities of the country to climate change.”

The regionwide recovery is due to strength in both domestic and external demand. A sharp rebound in domestic consumption and in travel across Europe helped boost remittances as well as tourism inflows during the 2021 peak summer season. A strong recovery in advanced economies also provided a boost to demand for the region’s exports.

However, the recovery remains fragile. Early warning signals from the labor market call for close policy attention. Job losses from the recession and its aftermath have disproportionately affected women and youth, which may set back efforts to raise the region’s perennially low rates of labor force participation. Youth unemployment rose to 37.7 percent in 2021, up 5.4 percentage points from June 2020, further worsening youth employment prospects.

“As the Western Balkans countries look to a post-pandemic future, their policy approach will need to focus on addressing key impediments to job creation and economic transformation, including green transition,” said Linda Van Gelder, World Bank Country Director for the Western Balkans. “All six countries would benefit from reforms in the business environment, governance, and digitalization, which would contribute to growth and close the gap with EU countries.”

The report also looks at the macro-fiscal challenges and drivers of greening the region’s growth. The Western Balkans now find themselves at a key decision point regarding the impending green transition.

Global strides toward climate action are causing fundamental changes in society. Consumer and investor preferences are shifting, green technologies and new business models are disrupting more markets, and green policies are reshaping economic landscapes. As such, greening a country’s economy is becoming a decisive factor in international competitiveness and the ability to attract international finance and investments.

The Western Balkans are no exception. Still characterized by a development model tilted toward familiar brown industries, moving toward a green growth pathway is far from easy, especially in the short term. Yet, the green transition offers significant opportunities for the Western Balkans – including closer integration into Euro-centric global value chains and access to significant EU resources to help fund a green transition.

Effectively managing this green transition, including the many policy tradeoffs, will need to be a core focus of policy attention for the Western Balkans in the years ahead.

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Africa Today

UN’s top envoy warns Great Lakes Region is ‘at a crossroads’

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Speaking at a Security Council meeting on the situation in Africa’s Great Lakes region on Wednesday, the Secretary-General’s Special Envoy, Huang Xia, told ambassadors that the countries concerned now stand “at a crossroads”.  

For Mr. Xia, the main threat to peace and stability in this region around the Great Rift Valley, remains the persistence of non-State armed groups. 

He pointed to “an upsurge in attacks”, whether by the Allied Democratic Forces (ADF) in eastern Democratic Republic of Congo (DRC), or those launched by the RED-Tabara against Bujumbura airport, in Burundi, last September. 

Since the beginning of this year, in DRC alone, at least 1,043 civilians have been killed, including 233 women and 52 children. 

“This violence continues to have serious consequences on the already fragile humanitarian situation, as well as on the socio-economic stability of the affected area”, the Special Envoy said.  

He told the Council Members that “these negative forces also remain involved in the illicit exploitation and trade in natural resources, the revenues of which finance their arms procurement and recruitment.” 

Solutions 

“How to put an end to it?”, he asked. “This is obviously an old question that haunts anyone interested in the region.” 

Despite the challenges, he highlighted several bilateral and regional initiatives, saying they “attest to the emergence of a community aware of the added value of dialogue and cooperation.” 

He also noted the overall peaceful transfers of power in the DRC and Burundi, as well as the signing and implementation of peace agreements in the Central African Republic, South Sudan and the Sudan.  

For him, more than ever, “it is necessary to sustainably consolidate these achievements while firmly addressing the challenges that persist.” 

“The success of such an approach requires learning from the lessons of the past and showing imagination to support the people of the Great Lakes region in building a better present and future”, he added. 

Turning to COVID-19, he said the pandemic has exacerbated vulnerabilities, but also demonstrated the resilience of the region.  

Before the pandemic, 15 million people across the Great Lakes were already displaced from their homes, facing rising malnutrition and food insecurity.  

Mr. Xia also reiterated the Secretary-General’s call for greater solidarity to facilitate access to vaccines and to strengthen health systems.  

According to the World Health Organization (WHO), to date, only 36 million doses of the vaccine have been administered in a region of nearly 450 million people. 

UN presence 

Martha Ama Akyaa Pobee, the Assistant Secretary-General for Africa in the Departments of Political and Peacebuilding Affairs and Peace Operations, also briefed Council Members. 

Ms. Pobee informed that the UN is reconfiguring its presence in the region to best address the challenges, highlighting a few areas where the Council’s support is most needed.   

For her, the situation requires “a comprehensive approach rooted in enhanced political engagement, encompassing military and non-military interventions, fostering economic cooperation across the borders and building trust between neighbours and among communities.” 

She also argued that “armed group activity is a symptom of insecurity in the region”, and therefore “the enabling conditions should be addressed upstream.” 

Among those main root causes, she pointed out the illegal exploitation and regional trafficking of natural resources, saying it contributes to the financing of armed group networks but also “creates parallel economy at the expense of States’ budgets whose revenues continue to diminish.” 

The Executive Secretary of the International Conference on the Great Lakes Region (ICGLR), João Caholo, and a civil society representative also briefed the Council. 

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