MySDG Foundation to Integrate Coordination of Grants
The Malaysia Sustainable Development Goals Foundation, or the MySDG Foundation, was launched on the 27th of January is set to become an integration of grants. According to Datuk Seri Tengku Zafrul Abdul Aziz, he mentioned that stakeholders created numerous funds for various significant causes, including environmental sustainability, wildlife conservation, poverty eradication, etc.
Before, the funds collapsed and failed to sustain for an extended period of time due to financial obstacles. Hence, a better and more uniform platform to efficiently handle the programmes and the funds was needed, especially for projects that fall outside of the Government’s annual allocation. Experts and seasoned industry players will govern the funds.
Plus, the board is also open to constructive criticism from the public. The allocation for the programmes will be completely transparent, says Zafrul. Donors of MySDG can rest easy knowing their donations is put to proper use, by good governance. Since becoming the Minister of Finance, Zafrul has been working towards ensuring that the country’s budget is parallel with the SGDs. The Minister says that every project and programme will have a link to a minimum of one SGD or more.
The Ministry of Finance (MoF) has taken plenty of initiatives to achieve the SDGs, including issuing sovereign Sustainability Sukuk. The Islamic financial certificate issued in US dollars is the first of its kind. With a subscription surplus of 6.4 times, Zafrul further added that the demand resulted in a competitive rate of yield. As presented in the Budget 2022, Zafrul mentioned that the Sustainability Sukuk would be issued up to RM10 billion. Subsequently, environmental conservation projects will receive the Sukuk.
The Government is working alongside other international boards to enhance the country’s finance better to support the needs of SDGs. The funds for the SDG projects will also go to funding other similar programmes as well. Ultimately, the goal is to recover the economy and escalate the people’s overall wellbeing, the Minister says.
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