At the 30th annual session of the Crans Montana Forum in Geneva (Switzerland) (June 26-29) former Prime Minister Laurent Lamothe, (2012-2014), Founder of the Global Voice Group (GVG), delivered on June 27, the keynote address of the Special Program on Innovative Financing and explained how it is possible for emerging-country governments to find extra-budgetary resources.

In his address, Lamothe explained that the question for many emerging nations is how to fund these much needed development projects. The most common solution is to approach multi-lateral organisations, the World Bank, the IMF and other development banks. However, this does mean increasing a country’s debt levels, and might not be enough to finance innovation, thus Innovative Financing is a good solution as it allows governments to fill the development finance gap.

"The world today needs new sources of revenue. Emerging countries have very little means to finance their development. Innovative Financing for Development can be applied to the telecoms industry, but also the financial services industry. Thus, governments can leverage millions of transactions, apply a micro-levy onto those transactions and bring in millions of additional dollars for development."

Countries that have adopted innnovative financing include; Morocco, Ghana, Tanzania, Ivory Coast, Haiti, Congo, Gabon, Uganda, DRC, Dominican Republic, Philippines...

"I have lived it, I have experienced the results that Innovative Finance can deliver and believe this gives governments of emerging nations a far more viable solution to successfully implementing much needed development projects," concludes Lamothe.

IH/ iciHaiti