Solomon Islands holds Development Finance Assessment Inception workshop

Workshop participants at the Mendana Hotel, Honiara.

POLICYMAKERS discussed the preliminary findings and recommendations from the Solomon Islands’ Development finance assessment (DFA) at a workshop held in Honiara on 8th February.

The DFA exercise is intended to support the development of a Solomon Islands Integrated Finance Framework to help attain the Sustainable Development Goals (SDGs) through the effective implementation of the National Development Strategy 2016-2035 (NDS).

It has been initiated by the Ministry of Development Planning and Aid Coordination (MDPAC) with technical and financial support of UNDP. The exercise will be guided by the NDS Implementation Oversight Committee.

The assessment brings together stakeholders from across government, private sector, development partners and other key actors to analyse and find solutions for financing efforts towards the 2030 Agenda and NDS. Globally, development efforts are being financed through new resources that are alternatives to aid.

Recognizing this reality, currently more than 15 countries around the world have been engaged in developing and strengthening integrated approaches to mobilizing domestic and international, and public and private finance to support sustainable development.

The inception workshop came at the end of a two-week research mission, following the scoping mission held in December 2017, that involved consultations with a wide group of government ministries, private sector representatives, development partners and civil society representatives including churches.

Participants in the workshop discussed preliminary findings and recommendations such as the potential for a national strategy to attract investment in key industries as well as regulations for the Rural Constituency Development Fund.

Senior staff from various government and private sector provided valuable inputs to the discussions. The DFA assesses trends in public and private finance linked to the objectives of the NDS, analyzing the sectors and industries that it prioritizes. The DFA identifies key areas in which there are opportunities to mobilize new sources of finance and enhance the impact of others.

The DFA team with support from the NDS Implementation Oversight Committee will continue to guide the development of the SIIFF over the coming weeks.