UN Capital Development Fund celebrates its 50th anniversary

January 18, 2017

12510462_992010470869375_3803298247475994152_n[2]Port Moresby, January 18, 2017The United Nations Capital Development Fund (UNCDF), a sister agency of the United Nations Development Programme (UNDP), is celebrating its 50th Anniversary.

UNCDF is an investment agency for the world’s 48 least developed countries. It offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development.

With its guiding mission “to make finance work for poor people”, UNCDF has consistently helped countries find approaches for poor families, underserved communities, and small businesses access the resources they need to build a better future.

At the celebration event, held in Port Moresby on January 19th, Roy Trivedy, UN Resident Coordinator and UNDP Resident Representative said: “UNCDF has a longstanding presence and expertise in many countries around the world, including Papua New Guinea. It works to empower women and men to build a better tomorrow for individuals and their families by creating new markets, bringing innovation and technologies in digital financial services and attracting private sector investment to under-served markets”.

“Today, UNCDF’s work is more important and more relevant than ever. Agenda 2030 and the Sustainable Development Goals recognize the need for financial inclusion which plays an important role in helping poor families access the financial services they need to improve their lives and livelihoods”.

In Papua New Guinea, UNCDF through the Pacific Financial Inclusion Programme has been working with the Bank of PNG and the Center for Excellence in Financial Inclusion to develop and implement National Financial Inclusion Strategies.

Some of the highlights of this work include:

  • 1.1 m new user accounts being opened (of which 39% were women)
  • 130,000 young people opening bank accounts
  • 125,000 adults (47% women) receiving training in financial literacy
  • 600,000 people using micro insurance
  • 300,000 people for the first time using mobile banking facilities
  • 15,000 ATMs being established in the country.

UNCDF has also supported the roll out of low cost micro insurance, digital banking services, micro credit for purchase of solar electricity kits by small holder farmers in the Highlands and providing financial education through Technical and vocational schools. Going forward UNCDF will be working with various financial service providers to improve access to finance in rural PNG with specific focus in the Highlands.

 “On the occasion of UNCDF’s 50th anniversary, as the world focuses on achieving the SDGs, UNCDF is fully committed to ensuring that ‘no one is left behind’. Together, we can help countries reach their development goals and build a more prosperous, fair, and inclusive world for all” –added Roy Trivedy.  He also thanked all of UNCDF’s partners, including the Government of Papua New Guinea for collaborating and supporting UNCDF’s work to make finance work for poor people.