Guinea minister: Global SDG financing requires new financial architecture

The global system for financing the Sustainable Development Goals (SDGs) is facing a growing resource gap, requiring a shift toward innovative instruments and greater mobilization of private capital, Guinea's Minister of Planning, International Cooperation and Development, Ismaël Nabe, said during a panel on innovative financing for sustainable development held within the annual meeting of the Islamic Development Bank (IsDB) Group in Baku.

He noted that today"s development model can no longer rely on instruments from past decades.

Nabe stressed the need to build a new financial architecture capable of effectively mobilizing and channeling global capital into sustainable projects.

Vice President and Corporate Secretary of the Asian Infrastructure Investment Bank (AIIB), Sherard Cowper-Coles, stated that modern infrastructure goes beyond traditional physical assets and now includes digital, social, and educational systems.

He emphasized that private capital mobilization and innovative tools such as blended finance and digital solutions play a key role in development.

Cowper-Coles also noted that international financial institutions are strengthening coordination and improving the preparation and implementation of investment projects.

UN Special Envoy for Financing the 2030 Agenda, Mahmoud Mohieldin, said progress toward the SDGs remains insufficient, with many goals either lagging behind or moving in the wrong direction.

He added that achieving the goals is only possible through a combination of financing, technology, incentives, stronger international cooperation, and effective governance.