UNDP Partners with World Bank to Boost Investment in Developing Nations

BANGKOK: The United Nations Development Programme (UNDP) has launched new initiatives aimed at attracting investment and creating jobs in developing countries, which are facing significant challenges due to a decline in official development aid. This announcement was made on Tuesday as the agency seeks to address the economic turmoil exacerbated by external crises.

UNDP Administrator Alexander De Croo emphasized the importance of collaboration with the World Bank and other financial institutions, including the European Bank for Reconstruction and Development and the European Investment Bank. He stated that these partnerships are crucial for advancing the investment and job creation agenda in nations struggling with high energy costs, rising interest rates, and extreme weather events.

De Croo noted that while developing countries must implement reforms to enhance governance and boost domestic revenues, progress has been hindered by a series of crises stemming from the Covid pandemic. He remarked, “The way development is being financed is changing, and that’s a good thing, but we need to create some space for those countries to be able to implement those reforms.”

Looking ahead, the UNDP plans to facilitate further discussions with key stakeholders to ensure that developing nations receive the necessary support to navigate these economic challenges. The agency’s initiatives are expected to play a pivotal role in reshaping the financial landscape for these countries, enabling them to attract much-needed investment.