BALI — The Indonesian G20 Presidency has launched the Global Blended Finance (GBF) Alliance with several partners, which will seek to bridge the gap in financing sustainable development goal (SDG) programs, according to ANTARA News Agency.

G20 is a multilateral cooperation group that comprises 19 countries and the European Union (EU). Indonesia, which is holding the presidency of the grouping this year, is currently hosting the G20 Summit in Bali.

The GBF Alliance would help develop international, private sector, and philanthropic capacity to undertake better blended finance, Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, said in a statement released on Tuesday.

“GBF (Alliance) will be based in Bali. We invite all party to cooperate since we do not have much time if we want to gather trillion amount of investment every year for Earth," he added.

The GBF Alliance was launched in Badung, Bali, on Monday at the Tri Hita Karana (THK) Forum, which is a part of the Indonesian G20 Presidency’s events.

The THK Forum featured leaders in the field of business, finance, government, philanthropy, and academicians, who are capable of catalyzing the $30-billion project for SDG financing.

The GBF Alliance will cooperate with members and partners to determine the impact target and strategy that will be announced during the World Bank or International Monetary Fund meeting in 2023, — SPA