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THE PRIVATE SECTOR AND THE SDGS: S:


BRIDGING THE FINANCING GAP


The private sector has a major role to play in driving


development in low- and middle-income countries if the world 0


g d


is to achieve the 17 Sustainable Development Goals by 2030. The OPEC Fund’s Private Sector and Trade Finance t m is fully engaged with the challenge…


eam


T


he OPEC Fund was established with a distinct mandate: to drive


development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. Our vision is a world where sustainable development is a reality for all. While we were once known primarily


for our support of public sector development projects, in 1998 and 2006 respectively, our private sector and trade finance (PSTF) operations were launched to support private sector and trade finance-orientated development in low- and middle-income countries. Both facilities have a global remit and are important contributors to lasting


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development impact. “The role of the private sector in helping to address the social and economic challenges of development cannot be emphasized enough,” says Assistant Director-General, Private Sector and Trade Finance, Tareq Alnassar. “It is estimated there is a persistent US$2.5 trillion annual financing gap preventing us from achieving the Sustainable Development Goals. Bridging that gap requires removing all constraints to the supply of, and demand for, capital. “Simply put, the private sector is a


provider of income, jobs, goods and services to help enhance people’s lives and increase equality and inclusion. It also can provide governments with the fiscal room to meet basic infrastructure requirements and the tax revenue to tackle urgent priorities and address


wider development challenges.” DFIs such as the OPEC Fund play an important countercyclical role in mitigating the effects of economic downturns, such as the one we are currently facing, and investing efficiently in the private sector is crucial in mitigating the effects of such downturns. Alnassar also explains how the OPEC


Fund’s operations promote social and economic development. "Within the OPEC Fund’s Private Sector and Trade Finance offering, we continue to focus on meeting the needs of our clients and


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