By Qing Zhang, SDG Finance Specialist, UNDP Europe and Central Asia

How do we effectively channel investment towards the most needed areas for sustainable development? It's increasingly clear that achieving the Sustainable Development Goals (SDGs)  requires not only the work of governments; but also ample investment from the private sector. In this regard, UNDP is supporting national governments and their investment agencies on leveraging private finance for development. In the Western Balkans, SDG Investor Maps, one of UNDP’s innovative tools, is showing us a powerful path. 

Imagine having a clear guide that pinpoints the nexus of market potential and government priorities for development. That's precisely the idea behind the SDG Investor Map and in North Macedonia, it’s framed also in alignment with its National Development Strategy (NDS). As Igor Janushev, Secretary General of the Republic of North Macedonia, stated, “We are dedicated to creating a map that guides and channels business needs with government priorities". 

This isn't a top-down process executed in isolation. Since the outset, a wide range of stakeholders have been consulted through Investment Advisory Board meetings, including the General Secretariat, Ministry of Economy, Ministry of Foreign Affairs and Foreign Trade, the Agency for Foreign Investments and Export Promotion, the Directorate for Technological Industrial Development Zones, regional development centers, and all chambers of commerce. This broad involvement reflects a growing consensus across institutions and sectors on ensuring inclusive access to investment opportunities that are not only aligned with national priorities but also specifically designed to drive sustainable and long-term development. Once developed, the mapped Investment Opportunity Areas in North Macedonia will be actively promoted through outreach to potential international investors. 

North Macedonia isn't alone in this endeavor of developing such market intelligence in the Western Balkans. UNDP Serbia completed a year-long exercise in 2023 to identify economically viable investment opportunities. The results are already tangible! Guided by the Map, the renewable energy sector in Serbia successfully attracted a significant international investment of EUR 2 billion with the signing of a memorandum of understanding. This success spurs follow-up actions from UNDP and the government, such as developing investment pipelines, evaluating potential SDG investment projects, and facilitating investment through outreach to investors. 

Stemming from Serbia’s recent experience, the process unfolding in North Macedonia and beyond is also benefiting from the regional exchanges of knowledge and practical insights. Guided by the SDG Investor Map and UNDP’s INFF (Integrated National Financing Framework) approach, the Western Balkans is ensuring investments align with national priorities. This mirrors progress across Europe and Central Asia, where 13 countries are using INFFs to harmonize public and private finance for the SDGs. 

UNDP’s SDG Investor Maps initiative aims to navigate a global movement towards sustainable investment, with 717 Investment Opportunity Areas already identified in over 40 countries and territories worldwide. In Albania and Kosovo1 , similar mapping exercises were also completed. 

These sectors have been specifically identified as both policy priorities and critical development needs. In the Balkans, the SDG Investor Maps have also taken into account their EU accession agenda and respective national contexts. The results highlight key sectors vital for development and marketability, such as Agriculture, Sustainable Tourism, Renewable Energy, and Waste Management. 

The region has showcased significant and untapped potential for impact investment. Its strategic location, increasingly favorable business environment, and competitive and skilled workforce make it an attractive and promising market for domestic and foreign investors. UNDP’s technical support to the Western Balkans, using tools like the SDG Investor Map, is a powerful example of how the region is actively channeling investment towards sustainable development and contributing to the global effort to achieve the SDGs. 

The push to mobilize private capital for development has been a long-term and ongoing effort of the UN jointly with its partners. A decade ago, the Addis Ababa Action Agenda emphasized the critical need for private international capital flows, particularly foreign direct investment (FDI), to complement national development efforts and help bridge significant financing gaps in key sectors for sustainable development. The SDG Investor Maps are a direct response to that global call. 

Looking ahead, the 4th International Conference on Financing for Development (FFD4) is scheduled from 30th June to 3rd July, 2025, in Spain to gather national leaders, private sector representatives, international financial institutions, and other key stakeholders. This once-in-a-decade event is an opportunity to close the gap between global capital and sustainable development needs, building a financial system that serves people and planet. UNDP, leveraging its unique expertise, extensive country network, and multi-stakeholder partnership, is actively working to expand its private financing programmes specifically aimed at achieving the SDGs. 

With thanks to the contribution of communications and SDG Finance focal points of UNDP Sustainable Finance Hub, Istanbul Regional Hub, UNDP Serbia, and UNDP North Macedonia. 

Follow us to learn more about how UNDP is playing a pivotal role at FFD4. 

Learn more about UNDP's work on Sustainable Finance here. 

[1] ​All references to Kosovo shall be understood to be in the context of the Security Council Resolution 1244 (1999).