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In recent years, the private sector has taken a more proactive role in global development and is now viewed as a true partner in addressing sustainable development.


A


ccording to the Centre for Global Development, foreign private


investment has caught up to foreign aid as a share of gross domestic product for the median low-income country (see graph). Today, for individual low-income countries, external private capital is an important and growing source of finance. “We have been investing in low and middle-income countries to drive private sector development since 1998,” says the OPEC Fund’s Assistant Director- General, Private Sector and Trade Finance, Tareq Alnassar. “COVID-19 disruptions have sent global foreign direct investment (FDI) plunging*, so now is an especially important time for our organization – and others – to support private enterprises. We target positive development results in terms of assisting small and medium-sized enterprises (SMEs), providing education and healthcare, connecting people via infrastructure, supporting farmers and making a significant impact on job creation to help lift people out of poverty and to support economies. The private sector and development go hand in hand. In most countries, private enterprises create the majority of jobs.


This is especially true in developing countries, where over 90 percent of employment opportunities are in the private sector.” Steve Schmida, Founder of Resonance,


an award-winning global development and corporate sustainability consulting firm, says that in recent years, the private sector has taken an increasingly prominent role in development cooperation at the multilateral and bilateral levels. Schmida says there has been a shift toward a more proactive role for the private sector and that it is now viewed as a true partner for addressing development challenges. “As a consequence, the private sector is increasingly granted space in international and national policy discussions, proposing development solutions and designing, financing and implementing development activities together with official development actors,” he says. Martine Valcin, Global Manager,


Corporate Governance and ESG Advisory, International Finance Corporation (IFC), says: “The private sector has the ability to transform emerging economies – from accelerating innovative market opportunities to


Median Private Capital Inflows/GDP versus Median Tax Revenue/GDP and Median Net Official Development Assistance (ODA)/GDP: LICs


Median Tax Revenue/GDP


“ 8 PHOTO: DEG


The private sector is increasingly granted space in international and national policy discussions.


Steve Schmida, Founder, Resonance


14% 12% 10% 8% 6% 4% 2% 0%


Source: CDG Source: CGD


Median Net ODA/GDP


Median Private Capital Inflow


Median Flow/GDP


2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


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