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Importance of Increased Development Financing Highlighted in New Report on Sustainable Development in Africa

The 2024 Africa Sustainable Development Report (ASDR) was presented today by the United Nations Development Programme (UNDP), the United Nations Economic Commission for Africa (ECA), and the African Development Bank (AfDB) at an event during the UN High-Level Political Forum for Sustainable Development in New York.

The new ASDR titled “Reinforcing the 2030 Agenda and Agenda 2063 and Eradicating Poverty in Times of Multiple Crises: The Effective Delivery of Sustainable, Resilient and Innovative Solutions” highlights recommendations including scaled-up access to concessionary development financing, strengthened climate information and early warning systems, and economic reforms.

Within the report, an in-depth review of African countries’ progress towards five sustainable development goals and their 32 targets is provided. These goals include ending poverty, eliminating hunger, combating climate change, promoting peaceful societies, and strengthening global partnerships.

The research shows that Africa is on track to reach less than three out of the 32 targets assessed in the report. Significant challenges like high debt, double-digit inflation, and limited access to crucial development and climate funding persist across the continent.

With the 2030 SDG deadline approaching, African countries may struggle to mobilize adequate resources to close their financing gap. The report emphasizes the need for innovative solutions and reinforced partnerships to accelerate progress towards the Global Goals and the Africa We Want.

In areas like poverty reduction, combating hunger, addressing climate change, and governance, Africa has made progress but faces challenges that require urgent attention and support. Financing remains a key challenge for Africa, and partnerships and innovative financing mechanisms are crucial to redouble efforts towards sustainable development.

The ASDR also emphasizes the importance of gathering accurate data and building capacity to track achievements and needs in terms of inclusive and sustainable development. The report calls for accelerated sustainable development actions and the empowerment of communities for more inclusive growth.

To access the full set of recommendations from the 2024 Africa Sustainable Development Report, visit https://apo-opa.co/46deMtO.

Contact information for potential interviews:
Eve Sabbagh
UNDP Africa Strategic Communications Specialist, New York
eve.sabbagh@undp.org

Sophia Denekew
ECA Media Relations
denekews.uneca@un.org

Amba Mpoke-Bigg
AfDB Communications and External Relations Department
media@afdb.org

About UNDP:
UNDP is the leading United Nations agency fighting to end the injustice of poverty, inequality, and climate change. Working with experts and partners in 170 countries, UNDP helps nations build lasting solutions for people and the planet. Learn more at www.UNDP.org or follow @UNDP and @UNDPAfrica

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