Third Annual Conference on Financing for Development Concludes
July 17, 2015  //  By:   //  Blog Post, Featured  //  No Comment

Finance for DevelopmentThe third International Conference on Financing for Development (FfD3) took place in Addis Ababa, Ethiopia from July 13th to 16th, 2015.

Eight plenaries and six multi-stakeholder roundtables took place during the conference, with the themes of “Global Partnership and the Three Dimensions of Sustainable Development” and “Ensuring Policy Coherence and an Enabling Environment at All Levels for Sustainable Development.” Additional side events were held during the four-day conference, including an International Business Forum on July 14th and a Civil Society Organizations Global Forum on the 11th and 12th of July.

This conference served as an opportunity for Countries to demonstrate that they are indeed prepared to work towards improved global sustainability. Governments, civil society groups, and business leaders all gathered to debate how to fund the Sustainable Development Goals (SDGs), in preparation of their adoption in September.

“I urge private sector leaders – including CEOs and institutional investors – to be a part of the solution, and to consider new commitments for investment in sustainable development,” said Secretary-General Ban Ki-moon. He continued, “We have to consider innovative approaches that create incentives and a regulatory framework so investors can better align their investment strategies with economic, social, and governance issues.”

More than 400 CEOs and business leaders heard addresses from prominent global leaders, including: H.E. Sam Kahamba Kutesa, President of the United Nations General Assembly; H.E. Hailemariam Desalegn, the Prime Minister of Ethiopia; Jim Yong Kim, President of the World Bank Group; and former basketball star Dikembe Mutombo, Chairman and President of the Dikembe Mutombo Foundation, Inc.

Following negotiations, under the leadership of Ethiopian Foreign Minister Tedros Adhanom Ghebreyesus, an agreement was reached on July 15th. The 193 UN Member States attending the conference produced the “Addis Ababa Action Agenda,” which provides a bold foundation for a working relationship between private, philanthropic, and public sectors. Countries agreed on measures to overhaul global finance practices and generate investments for addressing economic, social, and environmental challenges.

“This agreement is a critical step forward in building a sustainable future for all. It provides a global framework for financing sustainable development,” said Secretary-General Bahn Ki-moon, “The results here in Addis Ababa give us the foundation of a revitalized global partnership for sustainable development that will leave no one behind.”

About the Author :

Madeline is an undergraduate student pursuing her degree in Political Science at Boston University

Leave a reply