Scaling up sustainable finance in low and middle-income countries: High-Level Expert Group kick-starts work

The High-Level Expert Group (HLEG) on scaling up sustainable finance in low and middle-income countries meets in Brussels today for the first time kick-starting their reflection on the challenges and opportunities of sustainable finance in partner countries with a view to providing recommendations to the Commission on how to scale up funding from the private sector. At a time when the multiple global crises are taking a heavy toll on the global economy, overturning years of progress towards the Sustainable Development Goals (SDGs), helping partner countries in accessing finance for their sustainable infrastructure projects is critical to a global recovery, in line with the Global Gateway strategy. Commissioner for International Partnerships, Jutta Urpilainen, said: “Russia's war of aggression in Ukraine and its economic fallout has dramatically impacted countries around the world, increasing the funding gap needed to achieve the Sustainable Development Goals. Public resources continue to play an important role, but this is not enough. As Team Europe, we are stepping up our efforts to bring in private capital towards sustainable investments. I look forward to the recommendations of the High-Level Expert Group. These will feed into the EU's forthcoming EU sustainable finance strategy for low and middle-income countries that will underpin and boost the delivery of Global Gateway.” Commissioner for Neighbourhood and Enlargement Negotiations, Oliver Várhelyi, added: “In these difficult times, it is crucial to scale up sustainable finance in all low- and middle-income countries, including in our immediate Eastern and Southern Neighbourhood. These countries need substantial investments more than ever, especially now, in the aftermath of Russia's war of aggression in Ukraine. If we want to see our partners in the Neighbourhood undertake the necessary reforms and invest in sustainable projects, more resources are needed, and we need to further mobilise the private sector. Our Economic and Investment plans designed together with our partners will undoubtedly have a key contribution in this regard.” The group's task is to identify over the next nine months how the European Commission could, in a Team Europe approach, contribute to bringing about the needed financing from the private sector for the massive investments required to tackle the most pressing global challenges and ensure sustainable development. More information available online in the press release. (For more information: Ana Pisonero – Tel.: +32 229 54320; Jennifer Sanchez Da Silva – Tel.: +32 229 58316)