The Role of the Halal Economy in Promoting the Sustainable Development Goals (SDGs) in Africa
Launched in 2015 by leaders of 191 nations, the United Nation’s Sustainable Development Goals (SDGs) are amongst the most ambitious projects humanity has ever attempted “to achieve a better and more sustainable future for all”. In emerging markets alone, the UN estimates USD3.9 trillion per year will be required to reach all 17 goals by 2030. At the current rate of investment, the UN has calculated a gap of USD2.5 trillion per year.
Even though the UN, governments, investors, corporations and financial institutions and Civil Society Organizations have committed themselves to achieving the SDGs within the next 10 years, there is no practical way to bridge the gap of $25 trillion. Capital is not flowing at the required speed to the countries where SDG investment matters most. Africa remains the most challenged continent. Yet, it is also one that is booming with innovation, initiatives and impact ventures. Nearly half of the financing required to achieve the SDGs needs to flow to Africa.
This topic discusses the vital role the Halal financial sector can play in mobilizing resources to promote the SDGs in African Countries both at the micro and macro levels.