AMMAN, March 15, 2023 (GLOBE NEWSWIRE) — The Open Society Foundations announced today that they are donating US$1.7 million to a United Nations initiative in the Middle East and North Africa (MENA) region to address this , increased public spending to achieve UN Sustainable Development Goals by negotiating reduced national debt service payments. Importantly, the initiative provides a channel for MENA civil society organizations to express their views on where such types of innovative funding are most needed.

The two and a half year project partnership, which will last from April 2023 to September 2025, will support the work of the UN Economic and Social Commission for West Asia (ESCWA) with interested Member States and civil society to identify investment projects that prioritize the most pressing needs of MENA societies . ESCWA will support member states in reaching agreements with their creditors to redirect planned debt service payments into sustainable local investments.

The emphasis on robust project monitoring and evaluation provides an incentive for creditors willing to meet their own commitments to finance the climate and sustainable development goals in MENA. The initiative is further strengthened by the role of ESCWA’s Advisory Committee, composed of experts experienced in implementing debt swaps and providing economic policy advice on inclusive growth in other parts of the world.

Heavily indebted MENA countries have urgent financing needs to meet climate adaptation and sustainable development goals while struggling to recover from the fallout from the COVID-19 pandemic and the impact of war in Ukraine, including the growing food insecurity to recover. As middle-income countries, they are both excluded from debt relief schemes and find it difficult to access the financing they need.

The Arab countries’ combined public debt burden was US$1.5 trillion, equivalent to about 54 percent of the region’s GDP in 2021. In addition, the Arab region has…