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UN Capital Development Fund touted as tool to "derisk" investment for Malawi and Sierra Leone
Summary
At a UN General Assembly side event, UNCDFexecutive secretary Pradeep Kurukula Suriya described the Fundas a vehicle to absorb investment risk and recirculate scarce aid; ministers from Sierra Leone and Malawi outlined partnerships on financial inclusion, index insurance for farmers and a domestic mineral fund.
Pradeep Kurukula Suriya, executive secretary of the UN Capital Development Fund, said the agencyexists to "derisk" investment and attract private capital to least developed countries. "The UN Capital Development Fund is the best kept secret in the UN system," Pradeep told a panel at a side event hosted at the SDV SDG Museum during the United Nations General Assembly.
Pradeep said only a small fraction of global financing reaches the least developed countries and argued that private investment is needed to close the gap. He described UNCDFas able to absorb higher losses in high-risk environments, saying its portfolio can tolerate about a 20% default rate and that roughly 80% of every dollar invested is recovered and reinvested, which helps create a…
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