2024 International Day of Banks, Dec 4. A Health Economist, Dr Oluedo Eric, has identified Commercial Banks as the greatest enemy of Sustainable Development Goals, Nations Economic growth, and growth of Organisations, Ministries, Departments, Agencies and Individual customers. Speaking on the Theme of the 2024 International Day of Banks: “Empowering Sustainable Development Through Finance”, Dr Oluedo, narrated his ugly experiences with Banks when he was Chairman of Oji River LGC, Hon Commissioner for Commerce& Industry, Agriculture, Special Projects, and Rural Development in Enugu state. He emphatically concluded that the realisation of SDG by the year 2030 will be a mirage if the present Rascality in our banks are allowed to continue.
The United Nations General Assembly established this day to recognize the role of banks in supporting sustainable development and improving the standard of living in member states.
The day also recognizes the potential of international development banks to finance sustainable development. It also acknowledges the role of banks in providing people with information for their financial security.
Well-run national development banks can help countries develop financing options for Sustainable Development Goal-related investments. Such banks should be aligned with the Goals in a holistic way and be considered in integrated national financing frameworks. Collaboration between national development banks and multilateral banks, through co-financing or on-lending arrangements, can enhance Goal-related finance through the complementarity of international resources and local market knowledge.
While achieving the 2030 Agenda demands the maximization of synergies and the breaking down of silos, ensuring that financial and economic systems are coherent with sustainable development is critical, well-functioning national and regional development banks can play in financing sustainable development, particularly in credit market segments in which commercial banks are not fully engaged and where large financing gaps exist, based on sound lending frameworks and compliance with appropriate social and environmental safeguards. This includes areas such as sustainable infrastructure, energy, agriculture, industrialization, science, technology, and innovation, as well as financial inclusion and financing of micro, small and medium-sized enterprises.
National and regional development banks also play a valuable countercyclical role, especially during financial crises when private sector entities become highly risk-averse. We call upon national and regional development banks to expand their contributions in these areas, and further urge relevant international public and private actors to support such banks in developing countries.
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