Financing for Development
Financing for Development is an important agenda for the Asia-Pacific region, which has wide development gaps and over 763 million people living on less than $1.25 a day in 2011. ESCAP has estimated that the region would require additional resources of about $300 billion per year between now and 2015 to achieve the Millennium Development Goals. Investment in basic infrastructure such as electricity, roads and safe water would require over $2 trillion between 2012 and 2020. In light of the global economic crisis and rising food prices, countries are also introducing and expanding social protection programmes and various growth and employment supporting measures.
ESCAP plays an active role in advancing the Financing for Development agenda in the Asia-Pacific region. Through various fora, including the 2002 Monterrey Conference and the 2008 Doha Follow-up Conference, ESCAP has advocated for an enhanced flow of ODA, particularly to the LDCs, while exploring domestic and regional policy options to scale up resource mobilization. A key proposal in this regard is to re-direct the region’s large foreign exchange reserves and private savings to productive investments in the region, particularly in infrastructure, by establishing a region-wide large-scale lending facility in addition to modernizing and linking capital markets across the region.