UNDP-Economic Ministry signs MoU

Minister of Economic Development Fayyaz Ismail (L) and the Resident Representative of UNDP Enrico Gaveglia. (Sun Photo/ Mohamed Hayyan)

The United Nations Development Programme (UNDP) and Ministry of Economic Development on Tuesday signed a Memorandum of Understanding to provide technical assistance to strengthen evidence-based policymaking and enhance investments in Sustainable Development Goals (SDGs) in Maldives.

The agreement was signed by Minister of Economic Development Fayyaz Ismail on behalf of the ministry and Enrico Gavelia the Resident Representative for UNDP.

The Economic Ministry stated that this MoU “reaffirms the long-standing partnership between the two entities, building on several areas of support through decades, and lays the foundation for accelerated and focused development cooperation under UNDP’s new Country Programme Document for the Maldives 2022-2026”

Speaking at the ceremony held to sign the MoU, Minister Fayyaz said that this initiative was an opportunity to focus on strengthening policy and strategic decisions through improved research and data governance.

“The programme will also contribute to economic diversification efforts and create an inclusive and fostering environment for entrepreneurship development.”

The four main priority areas of joint cooperation under the MoU:

  - Strengthening data management and governance for evidence-informed policymaking and providing strategic economic advisory to the government. Aiming to strengthen human and institutional capacity to formulate innovative, open-policy research supporting economic diversification, trade, investment and inclusive livelihoods.

  - Explore climate investment opportunities and collaborate to develop SDG Investment Maps in Maldives. 

  - Provide technical assistance on blue economy diversification and seek opportunities for transforming the national economy towards an ocean-based economy.

  - Supporting Women’s Entrepreneurship and Engagement for Sustainable Green Economic Recovery, focused on up-skilling Women’s Development Committees (WDCs), youth, women leaders and community organizations to build and sustain green and digital entrepreneurship, climate-resilient business models, green financing and mainstream environmental sustainability practices into business practices.

With UNDP’s support under this MoU, the ministry believes that global and regional expertise will be brought into developing data-driven, innovative research capabilities.

Speaking about the MoU, Gaveglia said that this agreement signifies UNDP’s willingness and commitment to work with the ministry.

“The MoU signifies UNDP’s willingness and commitment to partner with the Ministry in a new policy space where strategic innovation and a future-proof set of capabilities, such as practice of governing with data, are build and generate meaningful policy options that accelerate the ambitions of the Strategic Action Plan of government.”

The UNDP works in about 170 countries and territories, providing assistance to eradicate poverty, reduce inequality and exclusion and build resilience so countries can sustain progress.