UNCDF’s full form is United Nations Capital Development Fund. It is an organisation responsible for assisting developing countries financially. UNCDF works as part of the United Nations system to extend financial services and basic government services to poor people in the least developed countries.
Therefore, from the perspective of the UPSC Exam, it is indispensable to get a good grip on this topic as it has both international and national significance.
Hence, on that note, let us look at the history of UNCDF, its composition and its ties to India.
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History of UNCDF
- The UN created United Nations Capital Development Fund as an autonomous body within the United Nations in 1966. Its purpose is to assist developing countries in building their economies. They do this by supplementing the developing country’s income through loans and grants.
- In 1973, UNCDF shifted its focus towards the least developed countries.
- During the 1990s, UNCDF began to shift its focus to local governments as instruments capable of financing capital. They also began to support microcredit institutions.
- For 2014-2017, UNCDF focused on Inclusive Finance and Local Development Finance.
- On 13 December 2016, this organisation celebrated 50 years of existence with commemorative functions across 10 countries.
Composition of UNCDF
- United Nations Development Programme’s Executive Board serves as the Board for UNCDF. They meet 3 times a year, and this Executive Board comprises 36 member states from regional groupings. 2/3rd of the Executive Board are programme countries, and 1/3rd of the Board is composed of donor countries.
- This Executive Board comes under the authority of the Economic and Social Council and finally under the UN General Assembly. In addition, UNCDF receives voluntary contributions and special funding. Its funding has more than doubled in the past decade.
UNCDF and India
UNCDF in India undertakes many projects. Some of the functions of UNCDF are as follows:
- The Odisha government and UNCDF signed an agreement to empower women financially and promote gender equality in the State. Odisha government’s Department of Mission Shakti signed a memorandum with UNCDF. Moreover, they launched Mission Shakti Living Lab, an initiative to improve the well-being of women by taking care of financial health.
- The UNCDF, NITI Aayog, Atal Innovation Mission, along with Bill and Melinda Gates Foundation and the Rabo Foundation, have launched a South-South innovation platform to exchange insights, investments, and innovation. They rolled out the first AgriTech Challenge cohort for this Agri-tech programme.
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Conclusion
In conclusion, the UNCDF works to help the Least Developed Countries. The organisation will also focus on frontier and pre-frontier markets. Moreover, there will be a strong focus on helping women, youth, smallholder farmers, medium-sized enterprises and other underserved communities.
Therefore, for UPSC Exam, it is sufficient to know the functioning of UNCDF and other latest news associated with it. Prepare with a greater focus on UNCDF as a part of the UN.
You can also make your current affairs revision robust using Free Monthly Magazines by BYJU’S.
Frequently Asked Questions about UNCDF
Who is UNCDF’s Executive Secretary?
Preeti Sinha, of Indian origin, is the Executive Secretary of UNCDF.
Which is the Tree City of the World?
As UNCDF denotes, Hyderabad has the name of Tree City of the World.
Where is the headquarters of the UNCDF?
UNCDF has its headquarters in New York, USA.
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