New and innovative ways to tackle global challenges are needed, complementing traditional foreign assistance and philanthropy. While aid still has an important role to play, there is growing urgency for entrepreneurial mind-sets, new institutions, more resources, multi-faceted skills, and innovative approaches that embrace risk taking in dynamic, complex environments full of uncertainties.
Widely agreed principles of aid effectiveness emphasize country ownership, alignment of donor support behind national programs, harmonization of donor effort to reduce fragmentation and high transaction costs, managing for results, and mutual accountability between donors and aid recipient countries. These efforts seek to accelerate development outcomes, deliver lasting results, and provide value for money. More broadly, the UN’s recently launched Sustainable Development Goals (#17) emphasizes the need to revitalize global partnerships for sustainable development. Such an agenda calls for collaboration between governments, the private sector, and civil society.
In search of new solutions, we at Pattana strive to harness market-based approaches, corporate resources, and cutting-edge business practices that together provide added toolkits to help address pressing global concerns. As a mission-driven organization, we fill an important role in shaping ecosystems to maximize the full potential of our target clients.
Moving beyond aid alone, the development agenda has increasingly demanded greater involvement of the private sector, trade facilitation, and increased investments. A larger role for the private sector promises an entrepreneurial spirit of innovation, measured risk-taking, and fresh perspectives.