The Open Society Foundations (OSF) has announced a $1.7 million commitment to a United Nations debt swap initiative in the Middle East and North Africa region (MENA).

The two-year initiative is designed to catalyze increased public spending on achieving the UN’s Sustainable Development Goals (SDGs) by negotiating reduced national debt service payments and providing a channel for MENA civil society organizations to have a voice about where innovative financing is needed most. According to OSF, heavily indebted MENA countries have pressing financing needs to address climate adaptation and the SDGs, while they struggle to recover from fallouts of the COVID-19 pandemic and repercussions of the war in Ukraine, including food insecurity. The initiative will support work by the UN Economic and Social Commission for Western Asia (ESCWA) and assist member states in reaching agreements with their creditors to redirect scheduled debt service payments into sustainable local investments.

“The ESCWA initiative is a win-win strategy for all stakeholders involved,” said Issandr Amrani, executive director of Open Society–Middle East and North Africa. “As a multilateral institution with a commitment to human rights and civil society engagements, ESCWA provides a new opportunity for civil society to engage with governments on borrowing, spending, and development priorities. Open Society is committed to backing innovative projects that can help deliver economic justice.” 

(Photo credit: Getty Images/Bim)