Delhi, 4 July (H.S): Minister of State for Skill Development and Entrepreneurship Jayant Chaudhary, participated in a high-level panel at the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain, co-hosted by the OECD and Outcomes Finance Alliance. He highlighted India's initiative to institutionalize outcome-based financing, exemplified by the Skill Impact Bond and Project AMBER, blending public, philanthropic, and private investments for significant social impact.
The Indian delegation, led by Union Finance Minister Nirmala Sitharaman, engaged in discussions focused on India’s leadership in aligning development financing with tangible outcomes, particularly regarding skills, livelihoods, and women's empowerment. Key global representatives, including ministers from Colombia, Kenya, South Africa, Norway, and others, along with the World Bank and the UN Population Fund, participated in the panel, emphasizing the potential of outcome-based financing to accelerate progress on the Sustainable Development Goals (SDGs).
During FfD4, Chaudhary conducted bilateral talks with prominent figures, including the OECD's Deputy Secretary-General, where they discussed leveraging OECD expertise for India's outcomes financing initiatives. Engaging with CIFF's CEO, discussions centered on gender-responsive skilling models like the $14.4 million Skill Impact Bond, prioritizing employer engagement and data integration.
Further conversations with the British Asian Trust and UBS Optimus Foundation focused on mobilizing private capital for employment and entrepreneurship impact, while discussions with the Swiss Agency for Development and Cooperation explored gender-focused outcome-based finance models to support nano-entrepreneurship and women-led initiatives, recognizing the job creation potential in the India-Switzerland TEPA Agreement.
Echoing Finance Minister Sitharaman's views,Chaudhary reaffirmed India's commitment to partnering globally to scale up outcome-based financing. This approach is positioned as a transformative strategy for enhancing transparency and accountability in public investment, driving inclusive growth across vital sectors such as skilling, employment, and women’s empowerment.
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Hindusthan Samachar / Jun Sarkar
