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Financing for Peace: Innovations to Tackle Fragility
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The need for better financing solutions to tackle the challenges of fragility, conflict and violence, across a diverse group of low- and middle-income countries, was the focus of this high-level discussion. How to work with the private sector and scale up innovative approaches were key themes.
In recent years, the world has witnessed an “expansion of the footprint of crisis,” said World Bank CEO, Kristalina Georgieva. What is needed is to bring private finance and trade to places where it would normally not go: “If you bring down the risk for private investors, the money will flow,” she said.
For Colombia, a middle-income country transitioning to peace, how to pay for peace is a central issue. Sharing his country’s experience, “We have just passed a comprehensive tax reform, including green taxes on carbon emissions that will help to finance peace. We have also created tax benefits for private sector actors willing to invest in conflict-affected parts,” said Mauricio Cárdenas, Minister of Finance and Public Credit... Read more