Development Finance Conference discusses unconventional solutions to advance Arab societies

This question was the focus of an event organized by the Investment and Technology Office of the United Nations Industrial Development Organization (UNIDO) on the sidelines of the International Development Finance Conference, which recently concluded its work in Seville.

The event was titled: “The unleashing entrepreneurship and innovation through smart financial inclusion with the aim of achieving the sustainable development goals,” It was held in cooperation with the League of Arab States, the Union of Arab Chambers, the Union of Arab Banks, and the Accounting and Review Authority for Islamic Financial Institutions (Al -Ayoufi).

UNIDO: a successful experience in entrepreneurship

Dr. Hashem Hussein, head of the UNIDO Office for Investment and Technology Promotion, told United Nations news that the discussion focuses on the pivotal role of financial institutions and the private sector in developing entrepreneurs, especially in areas that are ravaged by conflicts.

Dr. Hussein reviewed the leading experience of UNIDO through the program of enhancing investment in project development in Bahrain, a model that he has proven successful and spread to be applied today in more than 56 countries around the world, achieving concrete achievements in supporting entrepreneurship.

He stressed that the recommendations of the discussion will be submitted to the United Nations General Assembly, with the aim of discussing ways to support and empower youth and women, especially in conflict areas, in awareness of the role of United Nations organizations in supporting countries that are going through crises.

The League of Arab States: Technological Innovation for Development Financing

For her part, Nada Al -Ajezi, Director of Sustainable Development and International Cooperation Department at the League of Arab States stressed the importance of keeping pace with the latest developments in the field of technology and artificial intelligence.

She told United Nations News: “It was important to see the latest developments in the field of technology and artificial intelligence and how to use technology to find innovative means of financing, and how we can help young people and women in the field of entrepreneurship, especially in the Arab region in which many countries suffer from conflicts.”

She pointed to the benefit of the luminous models in African countries, expressing her optimism about the success of the conference and its intention to start applying its recommendations upon the return.

The Arab Chambers Union: The Triple Economy of the Gap Lie

In turn, Dr. Khaled Hanafi, Secretary -General of the Arab Chambers Union, spoke about the huge financing gap in the field of development, which is estimated at $ 4.2 trillion. To fill this gap, he called for a fundamental change in the approach, by relying on initiatives and innovation. He stressed the need to benefit from the “Triple Economy” initiative, which combines:

• Orange economics: talent -based, artificial intelligence, and digitization.
• Green economy: concerned with the environment and making the planet better for future generations.
• Blue Economy: Those associated with seas and oceans.

Hanafi confirmed to the United Nations news, Iman Al -Ittihad, that the private sector is the real locomotive of development in the Arab region, as it contributes 75% of the gross domestic product and provides the same percentage of jobs.

He stressed that entrepreneurship is not just finding individual job opportunities, but rather is to build an integrated environmental system that unleashes great energies that achieve many benefits for individuals and all societies.

“Bahraini model” in entrepreneurship

For his part, Sheikh Ibrahim bin Khalifa Al Khalifa, Chairman of the Board of Trustees of the Arab International Center for Entrepreneurship and Investment, stressed that the financing of development requires that each individual have a share of financing to enable them to develop their capabilities.

He told United Nations news that the funds are available, but the need is also urgent for “support operations such as consulting, technical studies, feasibility studies, financial engineering, marketing, and also technology transfer.”

And highlight “Bahraini model” To develop small and medium industries, which UNIDO has developed through its office in Bahrain, describing it as “one of the most successful models”, and is now applied in more than fifty countries.

Sheikh Ibrahim Al Khalifa acknowledged that the road is long and the challenge is increasing with the increase in the percentage of young people entering the labor market, stressing that the development of small and medium industries is the primary outlet for bridging gaps in societies and achieving comprehensive development with a sustainable impact.

Reviving a spirit of hope

The Historical Development Financing Conference in Seville concluded its work with a renewed sense of design and focus on work that could change people’s lives all over the world.

The conference provided a strong response represented in a unified results document focusing on solutions and confirming the Oppa Oppa’s obligations that were made a decade ago, which seeks to seek “Reviving a spirit of hope” through Sustainable development goalsAnd it shows that multilateral cooperation is still important and still works.