Innovative Financing for Education
Since 1999, international initiatives and forums have encouraged the participation of new actors within the aid system, provided high-level commitment and stimulated discussions on innovative financing for development and education.
The increasing influence of middle-income and developing nations as significant South-South Cooperation (SSC) partners and funders of development assistance, has introduced a new element to the donor-recipient relationship. There is increased interest in engaging new donors in policy-making and in better identifying and evaluating the results of their development work, taking into account specific contexts at regional level.
The private sector is also recognized as a key actor in reducing poverty. Private support includes private foreign direct investment, donations from philanthropists, foundations, corporations and non-governmental organizations, and private aid from new donors such as China, India and the Gulf States trust funds.
In early 2010, the Leading Group on Innovative Financing for Development established the Task Force on Innovative Financing for Education to outline key innovative financing mechanisms to generate aid flows for education and to present a report at the 2010 MDG Summit. UNESCO, as a member of this Task Force, was part of the report’s Writing Committee.
In synergy with outcomes of the Task Force and mandated by the 35th UNESCO General Conference, UNESCO established an Advisory Panel of Experts on Debt Swaps and Innovative Approaches to Education Financing. Through the Advisory Panel, UNESCO has strenghtened technical knowledge in the area of debt swaps for education and contributed to knowledge sharing on the issue.
Following the 35th General Conference, UNESCO also set up a Special Account to attract extra-budgetary resources in order to strenghthen professional capacity and advisory services in the area of debt swaps for education and innovative approaches to education financing. UNESCO Member States have been invited to contribute to this Special Account.
- Debt Conversion Development Bonds: Mobilizing Domestic Savings to Fund Development Policy paper, 2012.
- Debt Swaps and Debt Conversion Development Bonds for Education, Final Report for UNESCO Advisory Panel of Experts on Debt Swaps and Innovative Approaches to Education Financing, 2011
- 2+3=8: Innovating in Financing Education, Report of the Writing Committee to the Task Force on Innovative Financing for Education, 2010
- Mobilizing resources for international development cooperation in education: what innovative mechanisms and partnerships? Report of UNESCO Future Seminar, 14 September 2010.