United Nations: Franco Bonghan, Executive Director of Bright Light Projects delivers a thought-provoking speech on Accelerating Gender-Responsive Financing for Rural Women and Startups as a pathway to eradicating global poverty
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Mr. Franco Bonghan, Executive Director, Bright Light Projects
Representing Bright Light Projects, Mr Franco Bonghan was invited by the United Nations Economic and Social Council President to the 2024 High-Level Political Forum on Sustainable Development. During the event on 17 July 2024, he delivered an oral statement at the United Nations Headquarters in New York.
His oral statement focuses on how financing women entrepreneurs and local startups can boost economic sustainability and contribute to eradicating poverty in our communities. He further reiterated that startups in rural communities still have untapped potentials that need funding. According to him, reinforcing the 2030 agenda and eradicating poverty in times of multiple crises requires a targeted, inclusive, and practical approach. He equally stated that the effective delivery of sustainable, resilient, and innovative solutions requires a comprehensive blend of the three core elements of sustainability that is Economic growth, Social inclusion, and Environmental protection.
During his oral statement, the Executive Director of Bright Light Projects enlightened the participants that to achieve the above-stated goals, there is a need for the right People, Policies, and Partnerships as per goal 17 of the United Nations Sustainable Development Goals.
In line with the growth in the tech sector, he equally drew the attention of the participants on the fact that Investing in Agri tech food production startups with innovative farming practices will substantially increase food security and fight climate change. According to him, poverty can also be prevented through smart industrialization, where countries could specialize in one aspect of the production chain contributing positively to their Gross Domestic Product (GDP).
Amidst the catastrophic effects of plastic waste in our local communities, the executive director of Bright Light Projects equally stated that there is a need to design and develop sustainable waste management systems in local communities by promoting the reduction, reuse, and recycling of waste. This will further help in creating job opportunities for the public and equally promoting community-scale irrigation that enables farmers to transition from diesel-based pumping to affordable and reliable solar irrigation
Reminding the participants of the efforts Bright Light Projects have been putting in place to create employment opportunities, Mr Franco highlighted that Bright Light Projects through its village Savings and Loan program has been providing financial literacy and capital to financially disadvantaged rural women in Sierra Leone completely neglected by the mainstream financial sector.
According to him, Africa loses about $600 billion annually more than the Gross Domestic Product of 35 countries combined, 50% of Africa is without power, and 57.9% with food insecurity. Solving the paradoxes of Africa’s development requires a targeted, action-oriented, and accountable approach.
Tracing some of the causes of economic insecurities in Africa, Mr Franco highlighted that Botswana and Namibia, with substantial pension funds, have more than half of their pension fund assets invested abroad. According to him, this is due to the lack of institutions and capital markets to manage the risks associated with such investments and the absence of a transparent and predictable policy framework. There is a need for a new global Social contract paving the way for inclusive and shared prosperity
Mr Franco Bonghan, a community leader and executive director of Bright Lights Projects is a committed leader who promote both music and humanitarian endeavors to exemplify his multifaceted impact on various communities globally.
Bright Lights Projects (BLP) is an International nongovernmental and not-for-profit organization with headquarters in the United States of America. BLP operates in the United States, Sierra Leone, Guinea Conakry, Nigeria, Cameroon, and the Gambia. Its mission is to promote sustainable development and environmental protection, empower the vulnerable population to reach their full potential and equally promote gender equality.
Berinyuy Cajetan is the founder and publisher of Human Rights and Legal Research Centre (HRLRC) since 2017. He has intensive experience in strategic communications for Civil Society Organizations, campaign and advocacy, and social issues. He has an intensive experiencing in human rights monitoring, documentation and reporting.
