To promote cooperation on the Danish development strategy, Ambassador Lars Lose and Minister for Development Cooperation Ulla Tørnæs hosted a briefing for all Danes working at the World Bank Group on October 13th. Minister Tørnæs emphasised that building partnerships is crucial to Danish development efforts, and that the multilateral institutions have a critical role to play alongside the private sector.
Earlier this year, a broad political majority in the Danish Parliament reached a five-year political agreement on Denmark’s strategy for development policy and humanitarian action under the title “The World 2030”. The strategy provides a framework for Danish efforts to realize the global ambition of the 17 Sustainable Development Goals (SDGs) towards 2030. These efforts are defined in four key focus areas: security, migration, sustainable development & democracy and human rights. Crucial in understanding the strategy is that focus is now on development cooperation rather than development aid. The new development approach underlines the importance of building partnerships in order to fulfilling the development objectives.
Private Sector Engagement
The strategy also stresses the unique and active role that private sector actors have to play. As companies contribute with knowledge, competencies and technology, they are central to solving sustainability challenges within areas such as climate, energy, water, food and health. Official development aid (ODA) cannot solve these challenges on its own. Rather, ODA should be used to catalyse private funds and foster innovation as suggested in “The World 2030”. Denmark is committed to working to ensure that development banks, such as the World Bank Group, increasingly bring innovative financing into play.
Maximizing Finance for Development
The World Bank Group has an unmatched level of development expertise and experience as well as ability to mobilize public and private finance. This makes the World Bank Group a key actor for creating inclusive, sustainable growth and development. It is increasingly evident that strong collaboration between the multilateral institutions and the private sector is necessary to maximize finance for development and reaching the SDGs. The World Bank Group offers channels for the private sector to seek opportunities in developing countries by creating new markets, identifying unmet demands, supporting SME’s and providing cutting-edge thinking and technologies via projects on the ground.
Ambassador Lose and Minister Tørnæs were happy to engage in an open dialogue on these important issues. The Danes working in the World Bank Group possess extensive expertise and networks that makes them an important resource for the Danish development efforts.
Read the Danish development strategy “The World 2030” here.
Read more about the World Bank Group and private sector engagement here.