New York: Europe and the Arabs
Ten years have passed since the Addis Ababa Action Agenda was developed to support the implementation of the 2030 Agenda for Sustainable Development. Today, a $4 trillion financing gap is hindering progress towards achieving these goals by the end of this decade. In response, Seville, Spain, will host the Fourth International Conference on Financing for Development, starting June 30, with the aim of bringing together stakeholders to advance solutions to the financing challenges threatening sustainable development.
UN Deputy Secretary-General Amina Mohammed briefed journalists in New York on the conference, accompanied by Ambassador Hector Gómez Hernández of Spain and Ambassador Chula Milambo of Zambia.
“We have seen mounting debt burdens, declining investment and aid, and rising trade barriers,” Ms. Mohammed said. “The current system is clearly not meeting the needs of the people it was designed to support.” The Role of Stakeholders
More than 70 heads of state and government will attend the conference, along with leaders from international financial institutions, civil society, philanthropic foundations, and the private sector, including representatives from the energy, food systems, and digital industries. Ms. Amina Mohamed said, "I believe that collective attendance alone sends a good signal for multilateralism at a time when we are facing a great deal of resistance."
Seville Commitment
On June 17, member states agreed on the "Seville Commitment," to be adopted at the conference. Ms. Mohamed emphasized that the commitment addresses the debt crisis in developing countries, which are particularly vulnerable to financing shortfalls. Many spend more on debt interest than on basic services, limiting opportunities for sustainable development.
Zambian Ambassador Chola Milambo explained that this will be achieved through increased transparency, a global debt registry, and amplifying the voices of countries burdened by debt. The commitment also aims to stimulate investment by tripling multilateral development bank lending, doubling official development assistance to developing countries, leveraging private sector investment, and ensuring that the international financial system is more inclusive and effective.
“This is an agenda that world leaders can take action on,” Ms. Mohammed said. “They have the tools—and the political influence—to make it happen.”
A Test for Multilateralism
For his part, Spanish Ambassador Héctor Gómez Hernández emphasized that the conference comes at a critical time for multilateralism. “This conference is a call to action, and we have an exceptional opportunity to send a very strong message to defend the international community’s commitment to multilateralism,” he said.
Ambassador Milambo later added that the consensus on the Seville Commitment “sends a real message of hope to the world that we can address the financing challenges that hinder the Sustainable Development Goals and that multilateralism still works.”
Despite the consensus, the United States recently announced that it would not send a delegation to the conference. “It’s unfortunate, but it doesn’t prevent us from continuing to engage with that member state,” Mohammed said. She concluded her remarks by noting that ongoing discussions between the United Nations and donors on ways to utilize resources more efficiently will achieve tangible progress, especially in light of the recent commitment agreement.