The Road to the SDGs

PURPOSE X In the spirit of engagement in SSTrC, RL has evolved into a modality that has welcomed the participation of the private sector from both MCs and non-MCs. X IsDB MCs and the Global South have a wealth of untapped know-how, expertise and resources in the public and private sectors that can be used to solve development challenges if harnessed in an effective manner. IsDB’s new strategic orientation, as outlined in the P5P, calls for market-driven development, which implies a bigger role for the private sector. METHOD X IsDB uses its mapping methodology for resource centres to identify partners from the public, private and third sectors. These resource centres are developers and companies that have proven expertise and know-how in key areas of development. IsDB also engages directly in dialogue with the private sector in MCs and non-MCs to explore potential collaboration under RL. X Among the tools available to IsDB to engage the private sector is a new form of RL mechanism, which can be used to mobilise private sector resources to boost development while promoting cooperation among MCs and with the Global South. Engaging the private sector in socioeconomic development is key in order to benefit from the vast financial resources and high-quality technical expertise as well as more agile implementation mechanisms. This engagement is aligned with SDG 17 (Partnerships for the Goals), SDG 3 (Good Health and Well-being), SDG 4 (Quality Education), SDG 8 (Decent Work and Economic Growth), and SDG 13 (Climate Action). X To ensure fruitful collaboration with the private sector, the win-win arrangement feature of the RL mechanism is applied. Tangible benefits for the private sector as a provider of knowledge and the recipient stakeholders are ensured from the design stage. Among the benefits for the private sector are market access to MCs, international positioning and branding, business risk mitigation, and new revenue streams. R L is a technical cooperation mechanism enabled by IsDB whereby MCs exchange their knowledge, expertise, technology and resources to develop their capacities and devise solutions for their autonomous development Harnessing private sector solutions through Reverse Linkage During the last couple of years, IsDB, through RL, connected 31 MCs to share their development solutions in many sectors, including renewable energy, health, education and agriculture [ 88 ] SDGs