CAIRO, Oct. 21 (SEE)- On 22 October, the 24th meeting of the Regional Coordination Mechanism (RCM) will welcome more than 60 participants and experts to address financing development priorities in the Arab countries.
According to a press release, a special session on Financing for Development (FFD) will be held to identify ways of supporting Arab countries to develop integrated financing frameworks, and determine common areas of interest for greater policy coordination and alignment with regional and global financial institutions.
The meeting is of special significance as meanwhile the cost of conflicts and wars in the Arab region is rising with an estimated $752-$856 billion lost in areas away from economic development. Also, the military spending from 2011-2016 is 5% of the region’s GDP which is 3% higher than the average global GDP.
Few weeks ago, the UN Secretary-General’s new strategy was set for financing the 2030 agenda for sustainable development . The strategy relies on basic key elements that would help in reforming and speeding up the transformation of financial systems in order to enhance development in different regions efficiently. The UN secretary General is expected soon to lead the implementation of a proposed 2018-2021 road-map of initiatives and actions to mobilize investments and support the 2030 agenda.