Unleashing innovative financing for SDGs – A UNGA78 side event

The Islamic Solidarity Fund for Development (ISFD) and the Islamic Development Bank (IsDB), in collaboration with the United Nations Development Programme (UNDP) and the Organization of Islamic Cooperation (OIC), are proud to present a special side event during the 78th session of the UN General Assembly. This event aims to explore how innovation, alternative finance, and sustainable development can serve as catalysts, empowering civil society organizations (CSOs) to play a pivotal role in achieving the Sustainable Development Goals (SDGs). 

CSOs stand as instrumental players in addressing today’s paramount developmental challenges – spanning from poverty and inequality to climate change and pollution. With a profound understanding of the needs and concerns of marginalized communities, CSOs are at the forefront of driving positive change. Nonetheless, the funding gap in addressing the SDGs in developing countries increased by 56% after the outbreak of COVID-19, totalling USD 3.9 trillion in 2020 (OECD 2022). 

In response to this challenge, the interest in harnessing innovative financing mechanisms such as crowdfunding, impact investing, blockchain-based and Islamic financing and other models has soared. This surge is propelled by factors including heightened internet penetration, the proliferation of smartphone usage, and an ever-growing entrepreneurial spirit. 

During the side event, the organizers will bring together a diverse array of stakeholders, including crowdfunding platforms and blockchain companies. Together, they will discuss innovative strategies for harnessing alternative financing and innovation, thereby fortifying CSOs to effectively address critical developmental issues. Moreover, the event will shed light on gaps and conditions essential for bolstering CSO capacity, fostering innovation to combat poverty-related challenges, and guaranteeing sustainable financing for those at the frontline of change.  

A significant highlight of this event will be the presentation of the IsDB – ISFD NGO Empowerment for Poverty Reduction Programme (Tadamon). This programme, sponsored by ISFD, managed by IsDB, and executed by UNDP and partners, spans across 33 OIC Member Countries, including in the RBEC region, where it supports local CSOs in their mission to improve the socio-economic wellbeing of marginalized communities.  

With over 3,500 CSOs having joined Tadamon to drive transformational change, the programme runs a series of initiatives, including a Crowdfunding Academy, which has equipped 450 CSOs with skills in management, innovative financing, and crowdfunding, and the Tadamon Accelerator, which has supported 50 CSOs from 28 countries with training and $460,000 in grants. 

Operating at the nexus of innovation and alternative mechanisms, the side event will showcase Tadamon’s achievements and lessons learned, showcasing how innovation and sustainable development can empower local CSOs.