The initiative, named Global Blended Finance (GBF), aims to help G20 countries and other nations to achieved SDGs targeted to be completed in 2030, THK Forum's Executive Lead, Tantowi Yahya, told the media crew here Friday.
Group 20, or G20, is a multilateral cooperation group that comprises 19 countries and the European Union (EU). The G20 Summit will be held in Bali in November this year.
"The funding source comes from many global parties, such as governments, the private sector, philanthropists, foundations, and kind-hearted individuals, who do not want to be called philanthropists but still want to contribute," he explained.
During Indonesia's G20 Presidency, the THK Forum proposed GBF on account of the COVID-19 pandemic that causes several countries, and not just G20 nations, to potentially not be in a position to meet SDGs in 2030.
GBF was introduced by the THK Forum for G20 members during Indonesia's G20 Presidency in various engagement group and working group activities.
Related news: G20 development ministers agree to accelerate SDGs
In addition to suggesting collaboration-based financing method, Indonesia also initiated a party that will regulate and mobilize the funding to sustainable development projects.
This party will be known as the Global Blended Finance Alliance (GBFA) and its secretariat will be centered in Bali.
The THK Forum, as a side event of G20 Indonesia, will feature a meeting on November 13-14, 2022, in Nusa Dua, Bali, to comprehensively discuss global blended finance.
"We use this G20 momentum to launch GBFA, and we expect that this can be a legacy for Indonesia," Yahya remarked.
"This is because the G20 Presidency can change, but we expect that GBFA and THK will always be in Indonesia," he stated.
President Joko Widodo will attend the event to launch the GBFA to support global sustainable development.
Related news: Indonesia, Korea hold Korea-ASEAN Business Model Competition
Translator: Livia K, Fadhli Ruhman
Editor: Rahmad Nasution
Copyright © ANTARA 2022
