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Financing for Development: 2015 and Beyond
By admin July 17, 2015

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The Third International Conference on Financing for Development (FfD) took place from the 13th to 16th of July in Addis Ababa, Ethiopia. The fundamental aim of the conference was to strengthen a global partnership for sustainable financial development – from the grassroots level.

Against the backdrop of the backdrop of the global atmosphere that is typified by low expectations for global economic growth rates, declining flows of investment to Least Developed Countries (LDCs), debt and, last but not least, weakened international trade.

The outcome of the conference is an Addis Ababa Action Agenda (AAAA), which is premised to stand as a starting point for a new trajectory for financing for development. It has been signed by 192 member states, outlines fairly concrete ways in which the international community can fund and actually implement a path toward sustainable development and the goal of eradicating extreme poverty. The Action Agenda will be guided by a new Social Compact for quality investment thus set out a financing framework with policy commitments. United Nations Secretary General, Mr. Ban Ki Moon, further remarked to the Conference that ““A successful outcome is crucial for building trust and momentum towards the adoption of an ambitious post-2015 development agenda in New York in September and a universal agreement on climate change in December in Paris”

There is great conversion between the business sector and the sustainable development agenda. Business is envisioned to stand as a global force for good. Investment and business are critical for sustainable development. More importantly, they hold fundamental financing roles for achieving the post-2015 Sustainable Development Goals (SDGs). This begs the prerequisite question: what can the private sector bring to the development table?

Mr. Ban alluded to the private sector’s role in an earlier comment made to the Global Compact – a United Nations Initiative (UN) aimed at UN policies worldwide to adopt and report on policies that are sustainable and socially responsible – stating, “I urge private sector leaders including CEOs and institutional investors – to be part of the solution and to consider new commitments for investment in sustainable development.”

In light of all the sustainability agenda, it should be underscored that the FfD Agenda must deliver for developing countries while being fully and effectively realized for LDCs. In Africa new and broader channels for financing for development need to come to fruition. During the FfD Conference, LDCs called for commitments that would allow 50 percent of Official Development Assistance (ODA). Within the same vein, although these calls are tangible, such commitments need to be typified by mutual accountability, integrated idiosyncrasies of sustainability in all development approaches in order to finance development in every country.

 

For more information:

http://www.ipsnews.net/2015/07/opinion-ffd-must-deliver-for-least-developed-countries/

http://www.ipsnews.net/2015/07/opinion-from-new-york-to-addis-ababa-financing-for-development-on-life-support-part-one/

http://www.un.org/sustainabledevelopment/blog/2015/07/countries-adopt-addis-ababa-action-agenda/


Thanks for sharing !


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