The latest edition of the Sustainability Stories Webinar Series, part of the Global Hope Festival organized by Turkuvaz Media Group and its InBusiness magazine, was held Thursday, this time focusing on sustainable development of underdeveloped countries.

In the webinar, United Nations Development Programme Istanbul International Center for Private Sector in Development (UNDP IICPSD) Director Sahba Sobhani emphasized that over $4 trillion is needed for the development of underdeveloped countries.

During the webinar attended by officials from the Turkish Presidency, Turkuvaz Media Group, Turkish Foreign Ministry and the UNDP, Sobhani said that $2.5 trillion is needed annually in developing countries to achieve the Sustainable Development Goals (SDGs) by 2030.

Emphasizing that the private sector’s contribution is crucial, Sobhani also said that the support deficit of $1.7 trillion stemming from the pandemic-hit year of 2020 needs to be accounted for.

"COVID has exacerbated the annual financing need in developing countries rolling up to $4.2 trillion," he said.

Underlining that the United Nations is in a special partnership with Turkey for financial assistance efforts, Sobhani said that the U.N. and Turkey are undertaking a facilitative role for development.

He also added that UNDP collaborates with partners including Islamic Development Bank for mobilizing both conventional and Islamic Finance resources for sustainable development.

"Turkey is one of the most important countries for impact investing thanks to its continuous development. We will continue to carry out joint policy efforts with Turkey for sustainable developments," Sobhani concluded.