The Global Fund to Fight AIDS, Tuberculosis and Malaria has managed to secure its USD $14 billion funding target at its replenishment conference after the Gates Foundation and the French government upped their earlier pledges to get the Global Fund over the line.
An expert group formed by the EU earlier this year has issued its report setting out three long-term options for how to create a European Climate and Sustainable Development Bank.
UN Secretary General Antonio Guterres says the UN is facing its ‘worst cash crisis’ in a decade because almost one-third of member states have not paid their annual dues. Guterres warned staff could go unpaid in November if more funding is not secured adding last month’s General Assembly was only possible because of emergency spending cuts made earlier in the year.
Reports from inside the European Investment Bank (EIB) suggest Germany is trying to block the EIB from end funding for natural gas as part of the Bank’s plans to end all funding for fossil fuels by 2020. While typically the EIB seeks consensus for such decisions, a double majority is sufficient to push through the change, though Germany, as one of the bank’s key shareholders with a capital share of 16%, would tend to have a bigger say than most members in any decision.
US State Department officials and humanitarian organisations say the Trump administration has put tens of millions of dollars in funds for human rights programs in jeopardy by using bureaucratic maneuvers to prevent the Department from allocating the funds before the end of the fiscal year. The administration had already faced widespread backlash the past two years for attempting to go around Congress to slash foreign aid funding through rescission and current and former officials say the White House’s new restrictions are another attempt by the administration to abuse the bureaucratic process to attack the aid budget.
A no-deal Brexit could cost the UK Department for International Development (DFID) roughly £200 million due to guarantees the agency has made to UK based organisations to cover any sudden loss in funding they may experience in the event that their existing contracts are cut off as part of the UK exiting the EU.
A new report from the World Bank says Africa could be home to 90% of the world’s poor by 2030 because governments across the continent don’t have the fiscal space to invest in poverty-reduction programs and economic growth is sluggish. The report says, poverty reduction in Africa has ‘slowed substantially’ since the 2014 collapse in commodity prices and with progress in poverty reduction continuing in other regions poverty could soon become a ‘predominantly African phenomenon’.
Archbishop Desmond Tutu has called climate change ‘the apartheid of our times’ and says corporations and financial institutions should be pressured to divest from fossil fuels and invest in sustainable energy in the same way companies were pushed to boycott South Africa during apartheid.
New International Monetary Fund (IMF) Managing Director Kristalina Georgieva pledged to continue her predecessor’s efforts to bring the institutions tools to bear on those left behind by globalisation and deepen engagement in fragile and conflict-affected states in her first major address since taking the role.
The Jubilee Debt Campaign (JDC) has accused the International Monetary Fund (IMF) of encouraging reckless lending by extending USD $93 billion worth of loans to 18 financially troubled countries without implementing a debt restructuring programme first.
Mami Mizutori, UN secretary-general special representative for disaster risk reduction, says all governments should be including funding for disaster risk reduction in their budgets. Roughly 90% of international funding for disasters goes towards recovery, leaving just 10% for prevention but Mizutori warns ‘if we do not shift this 90% into the 10%, then this 90% is going to get larger and larger.’
The African Development Bank (AfDB) is launching a new initiative to track how much loans are given to women across the continent. AfDB President Akinwunmi Adesina says countries which perform well in the Women Financing Index (WFI) will benefit from more financing from the Bank.
Aid workers are leaving northern Syria for Turkey after agencies ordered a widespread evacuation in anticipation of a new Turkish military offensive in the region.
Janez Lenarčič, the EU’s next humanitarian chief, outlined three priorities for the ‘crisis management’ portfolio for the incoming European Commission: ‘ intensifying disaster prevention efforts; enhancing the visibility of EU crisis management to build support among European citizens; and supporting people in need as quickly as possible, in full respect of humanitarian principles such as neutrality.’
Felicity Tan, Director of Partnerships and Advocacy in Asia at the Rockefeller Foundation, says leaders across Asia’s public, private, and non-profit sectors need to come together and forge new partnerships if the continent is to meet the 2030 Sustainable Development Goals.
Stephen Twigg, outgoing chair of the U.K. International Development Committee, says he fears British aid is losing its poverty focus under the influence of increasingly ‘isolationist’ domestic politics particularly in the wake of Brexit.
The European NGO community is looking to revive efforts to create a single market for European philanthropy so charities can work and take donations across borders more easily. A similar proposal known as the European Foundation Statute was put forward by the European Commission in 2012 but was ultimately dropped in 2015 because of a lack of agreement between EU member states.
A rundown of the main takeaways from last week’s Global Impact Investing Forum in Amsterdam.