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UNIDO and WAIPA launch e-learning module on impact investing

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The United Nations Industrial Development Organization (UNIDO) and the World Association of Investment Promotion Agencies (WAIPA) launched a 4-module e-learning course on “Impact Investing” on the Knowledge Hub of UNIDO’s Department of Trade, Investment and Innovation (TII). The course will allow to improve knowledge of the fast-rising impact investing segment and to understand how this new important trend will affect investment promotion and facilitation efforts by investment promotion agencies (IPAs). The course was prepared with the support of one of the pioneers and now largest impact investors in France, “Investisseurs et Partenaires” (I&P). I&P is headed by former Director of France’s International Development Agency, Jean-Michel Severino, who visited UNIDO in April 2018 to explore cooperation and synergies with UNIDO’s investment promotion work in Africa.

This course is the follow-up and complement to the successfully organized workshop for IPAs on impact investing, organized between WAIPA, UNIDO and the Turkish Cooperation and Coordination Agency (TIKA) in February 2018. It is a response to the IPAs’ need to be equipped with novel methodologies for the promotion of foreign direct investments (FDI) with concrete impact on the Sustainable Development Goals (SDGs). As a recent IPA survey report of UNIDO’s partner WAIPA revealed, 67 per cent of all IPAs consider the attraction of SDG investments to be of great importance, with job creation and technology transfer impact ranked highest.  The e-learning course will be complemented by physical classroom trainings.

The TII Knowledge Hub features further e-learning courses on “Quality Infrastructure and Trade” (9 modules in total) and “E-commerce” (8 modules in total). Participation is free of charge and a certificate will be issued.

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Development

ADB Calls for Just, Equitable Transition Toward Net Zero in Asia and Pacific

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Asian Development Bank (ADB) President Masatsugu Asakawa today called for countries in Asia and the Pacific to take bold action to address climate change while ensuring fair and equitable economic growth amid the coronavirus disease (COVID-19) pandemic.

“The task of addressing climate change is not only urgent, but also inextricably linked to an inclusive and lasting recovery from the pandemic,” said Mr. Asakawa at the Indonesian Ministry of Finance–ADB 2021 International Climate Conference. “With shared commitment and international cooperation, we can make the transition to net zero and achieve climate resilience, so that our region emerges stronger than before.”

The one-day virtual conference attracted about 800 people from the public and private sectors, development partners, think tanks, and academia to discuss international good practices that can help ADB developing member countries transition to low-carbon, resilient economies and pursue a green, resilient, and inclusive recovery from the COVID-19 pandemic.

The event highlighted Indonesia’s commitment to meeting its nationally determined contributions (NDCs) under the Paris Agreement, as well as steps it has taken to support the development of a low-carbon, resilient economy.

“Indonesia has mainstreamed climate change into our National Medium-Term Development Plan 2020–2024 and established a national Action Plan, both on mitigation and adaptation,” said Indonesian Vice Minister of Finance Suahasil Nazara. “In the near future, we will use this recovery phase post-COVID-19 pandemic to pursue our climate and sustainability agenda.” Indonesia will chair the G20 in 2022.

Asia and the Pacific is responsible for more than half of global greenhouse gas emissions. Recent analysis predicts that global energy-related CO2 emissions will grow by nearly 5% in 2021, as demand for coal, oil, and gas rebounds. About 80% of the growth in coal demand is expected to come from Asia.

The Paris Agreement aims to keep the rise in global temperatures to well below 2°C, preferably to 1.5°C, compared to pre-industrial levels. ADB’s sovereign operations will be fully aligned with the goals of the Paris Agreement by 1 July 2023 and its nonsovereign operations by 1 July 2025. ADB will scale up investments in adaptation and resilience to at least $9 billion from 2019 to 2024 to support Asia and the Pacific’s recovery from the COVID-19 pandemic. The measures will contribute to ADB’s commitment to deliver $80 billion in climate finance between 2019 and 2030.

Mr. Asakawa said ADB will support Indonesia’s transition toward a low-carbon, resilient economy and help the country meet its NDC targets. Strengthening resilience is one of the three focus areas in ADB’s country partnership strategy for Indonesia. That includes climate change mitigation and adaptation and green recovery, as well as disaster risk management and finance.

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Human Rights

UNSC calls for ‘immediate reversal’ of Turkish and Turkish Cypriot decision on Varosha

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The United Nations Peacekeeping Force in Cyprus (UNFICYP) controls the buffer zone between the opposing sides. UN Photo/Eskinder Debebe

The Security Council said in a statement released on Friday that settling any part of the abandoned Cypriot suburb of Varosha, “by people other than its inhabitants, is “inadmissible”. 

The presidential statement approved by all 15 Security Council members, upheld that “no actions should be carried out in relation to Varosha, that are not in accordance with its resolutions”. 

“The Security Council condemns the announcement in Cyprus by Turkish and Turkish Cypriot leaders on 20 July 2021 on the further reopening of part of the fenced-off area of Varosha”, the statement continued. 

‘Deep regret’ 

“The Security Council expresses its deep regret regarding these unilateral actions that run contrary to its previous resolutions and statements.” 

The statement calls for “the immediate reversal of this course of action and the reversal of all steps taken on Varosha since October 2020.” 

The statement followed a closed-door briefing earlier in the day by the outgoing UN Special Representative, Elizabeth Spehar

The Mediterranean island has been divided between Greek Cypriot and Turkish Cypriot communities for 47 years, and a Security Council resolution of 1964 recommended the establishment of a peacekeeping force to maintain law and order and help end inter-communal strife.  

According to news reports, on Wednesday, Greek Cypriot leaders appealed to the Council over plans by Turkish Cypriot authorities to revert a 1.35 square-mile section of Varosha, from military to civilian control, and open it for potential resettlement. 

The self-declared Turkish Republic of Northern Cyprus (TRNC), which is backed by Turkey, made the initial announcement a day earlier, that part of the suburb would come under civilian control.  

Guterres statement 

On Wednesday, the UN Secretary-General António Guterres expressed his deep concern over Wednesday’s announcements by Turkey and Turkish-Cypriot leaders, on re-opening Varosha, and said that the UN’s position “remains unchanged and is guided by the relevant Security Council resolutions”.  

In a statement issued by his Deputy Spokesperson, Farhan Haq, Mr. Guterres called on all sides “to refrain from any unhelpful actions and to engage in dialogue to bring peace and prosperity to the island through a comprehensive settlement”. 

“The Secretary-General has repeatedly called on all parties to refrain from unilateral actions that provoke tensions and may compromise the ongoing efforts to seek common ground between the parties towards a lasting settlement of the Cyprus issue”. 

‘Just settlement’ 

The Security Council statement concluded with a reaffirmation of its commitment “to an enduring, comprehensive and just settlement, in accordance with the wishes of the Cypriot people, and based on a bicommunal, bizonal federation, with political equality”. 

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Africa Today

Partnership with Private Sector is Key in Closing Rwanda’s Infrastructure Gap

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The COVID-19 (coronavirus) pandemic has pushed the Rwandan economy into recession in 2020 for the first time since 1994, according to the World Bank’s latest Rwanda Economic Update.

The 17th edition of the Rwanda Economic Update: The Role of the Private Sector in Closing the Infrastructure Gap, says that the economy shrank by 3.7 percent in 2020, as measures implemented to limit the spread of the coronavirus and ease pressures on health systems brought economic activity to a near standstill in many sectors. Although the economy is set to recover in 2021, the report notes the growth is projected to remain below the pre-pandemic average through 2023.

Declining economic activity has also reduced the government’s ability to collect revenue amid increased fiscal needs, worsening the fiscal situation. Public debt reached 71 percent of GDP in 2020, and is projected to peak at 84 percent of GDP in 2023. Against this backdrop, the report underlines the importance of the government’s commitment to implement a fiscal consolidation plan once the crisis abates to reduce the country’s vulnerability to external shocks and liquidity pressures.

“Narrowing fiscal space calls for a progressive shift in Rwanda’s development model away from the public sector towards a predominantly private sector driven model, while also stepping up efforts to improve  the efficiency of public investment,” said Calvin Djiofack, World Bank’s Senior Economist for Rwanda.

According to the Update, private sector financing, either through public-private partnerships or pure private investment, will be essential for Rwanda to continue investing in critical infrastructure needed to achieve its development goals. The analysis underscores the need to capitalize further on Rwanda’s foreign direct investment (FDI) regulatory framework, considered one of the best in the continent, to attract and retain more FDI; to foster domestic private capital mobilization through risk sharing facilities that would absorb a percentage of the losses on loans made to private projects; and to avoid unsolicited proposals  of public–private partnership (PPP) initiatives; as well as to build a robust, multisector PPP project pipeline, targeting sectors with clearly identified service needs such as transport, water and sanitation, waste management, irrigation, and housing.

While the report findings establish clearly the gains of public infrastructure development for the country as whole, it also stressed that these gains tend to benefit urban and richer households most.

 “Rwanda will need to rebalance its investment strategy from prioritizing large strategic capital-intensive projects toward projects critical for broad-based social returns to boost the potential of public infrastructure to reduce inequality and poverty,” said Rolande Pryce, World Bank Country Manager for Rwanda. “Any step toward the Malabo Declaration to allocate 10 percent of future infrastructure investment to agriculture, allied activities, and rural infrastructure, will go a long way to achieving this goal.

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