Why Small Island Developing States (SIDS) need support?
Small Island Developing States (SIDS) face unique and pressing
challenges, particularly when it comes to financing for development. Due to their geographic isolation, small economies, and vulnerability to extreme weather events, SIDS are on the frontlines of climate change, economic shocks, and environmental degradation. Accessing affordable finance is often difficult for these nations, and many struggle with high levels of debt, limited fiscal space, and fragile ecosystems. This makes it crucial for SIDS to secure sustainable financial solutions to achieve their national development goals and the Sustainable Development Goals (SDGs).
- What is FINS?
-
The Financing for Small Island Developing States (FINS), a United Nations Department of Economic and Social Affairs (UN DESA) pilot initiative, aims to support targeted SIDS in strengthening their capacity to mobilize and align financing with their national priorities using the Integrated National Financing Framework (INFFs) approach.
INFFs help to lay out the full range of financing sources – domestic and international sources of both public and private finance – and allows countries to develop a strategy to increase investment, manage risks and achieve sustainable development priorities, as identified in a country’s national plan.
INFFs are developed and implemented through four building blocks: assessment and diagnostics, financing strategy, monitoring and review, governance and coordination. Each building block represents a critical component in building national capacity to strategically plan and manage the financing of sustainable development actions. Designing and implementing activities within each of these building blocks is an iterative process, with progress in each building block reinforcing the development of the others.
- How does FINS support SIDS?
-
FINS supports SIDS in two ways:
National Capacity Building
FINS deploys an embedded consultant within the SIDS Ministry responsible for planning and/or finance. Together with the technical team from UNDESA, the national consultant helps countries develop, implement, and monitor financing strategies using the INFF approach to achieve national priorities.Regional and Global Engagement (FINS Xchange)
FINS facilitates knowledge sharing and peer learning across SIDS through the FINS Xchange platform. This allows countries to exchange best practices, learn from each other's experiences, and strengthen their collective response to development challenges. It also connects them to the broader INFF Community of Practice, enhancing global partnerships for sustainable financing. - Participating Countries
-
Support under FINS is currently provided to the Dominican Republic, Fiji, Seychelles, and Vanuatu, with each country benefiting from tailored national-level support.
- Support for FINS
-
FINS is currently supported by grants from the governments of Italy and Denmark, as well as the United Nations Regular Programme on Technical Cooperation.
|
Latest FINS News: FINS Workshop Highlights Progress in Strengthening Financing for Development in SIDS We are excited to announce the successful completion of the recent FINS Initiative Workshop, held from September 30th to October 4th, 2024, in Suva, Fiji. The workshop brought together key stakeholders, including representatives from the Government of Fiji, local institutions, and UN DESA experts, to discuss strategies for strengthening sustainable financing frameworks in Small Island Developing States (SIDS). This initiative, part of the broader INFF framework, focused on addressing critical financing challenges faced by SIDS, offering practical solutions through tailored training and collaborative sessions. The workshop provided a platform for open discussions on enhancing national financing strategies to meet sustainable development goals (SDGs), fostering stronger partnerships, and paving the way for long-term resilience. |
Join us as we explore the transformative power of Integrated National Financing At the FfD4 Preparatory Committee, countries like Ethiopia, Nigeria, and Gambia
Frameworks (INFFs) in driving sustainable development. shared their successes in implementing INFFs to support the SDGs. Supported
by UN DESA, UNDP, UNICEF, and OECD, these country-led strategies are enhancing
resource mobilization and maximizing the impact of both public and private
investments.
Events
|
Events At the FfD4 Preparatory Committee |
Events At the FfD4 Preparatory Committee |
Events At the FfD4 Preparatory Committee |
Relevant Links
- At the FfD4 Preparatory Committee