SEATTLE — As the Millennium Development Goals approach their deadline at the end of the year, the United Nations has announced its replacement: the Sustainable Development Goals. The new goals have allowed for the launch of the Global Financing Facility, which will play a large part in completing the new goals.
The United Nations has acknowledged that investments in healthcare can have a large positive impact on a nation’s productivity and sustainability. Thus, the Global Financing Facility will focus on funding related to reproductive, maternal, newborn, child and adolescent health (RMNCAH).
The creation of the organization was officially announced in September 2014 during a United Nations General Assembly.
It had a successful launching in July 2015 at the Conference on Financing for Development at Addis Ababa, Ethiopia. Funding for the Global Financing Facility will consist of public and private donations from individuals, nongovernmental organizations and national governments.
The new organization currently has $12 billion pledged from various entities from around the world. Of those $12 billion the United States Agency of International Development (USAID) has promised to provide $50 million.
As the Global Financing Facility launches it will begin to work in “waves.” Each wave has a certain number of countries that it will first target and provide aid in health areas related to RMNCAH.
USAID has stated that the first wave will target the Democratic Republic of Congo, Ethiopia, Kenya and Tanzania. As the project gains more momentum, the second wave will consist of aiding Bangladesh, Cameroon, India, Liberia, Mozambique, Nigeria, Senegal and Uganda.
As 2030 approaches, the waves for the Global Financing Facility will continue to encompass more countries until it finally expands to 62 counties that have low incomes and high burdens. This is expected to happen all within the next five years.
With the Global Financing Facility being a project of the Sustainable Development Goals, the new organization will have three main steps to address.
First, the Global Financing Facility will work with its current funds and organize them in an effective way for future use. The second step forces the Global Financing Facility to address missing resources.
It will need to strategize on how to get more donors and creating effective strategies in implementing new plans with current resources. A major component is allowing the recipient country to learn how to plan and implement new strategies.
The final step for the Global Financing Facility is to tap into the resources of the countries it’s trying to help. By accessing these resources, the country receiving the aid will be able to provide healthcare to its own people and possibly create a greater source of income in order for economic stability.
Currently, the Millennium Goals are being assessed as the United Nations records lower poverty levels and improvements in healthcare. This following September will see the adoption of the Sustainable Development Goals by the United Nations.
The conference will further cement the legitimacy of the Global Financing Facility and may even serve as a way to gain more funds. As the era of the Millennium Goals end, the Global Financing Facility takes it place to finally bridge the health gap between countries.