Latest news with #4thInternationalConferenceonFinancingforDevelopment
Barnama
15-07-2025
- Politics
- Barnama
UN: Only 35% Of Sustainable Development Goals On Track
UN Secretary-General Antonio Guterres speaks at the International Business Forum leaders summit opening, during the 4th International Conference on Financing for Development, in Seville, Spain, June 30, 2025. REUTERS/Claudia Greco ISTANBUL, July 15 (Bernama-Anadolu) -- UN Secretary-General Antonio Guterres said on Monday that only 35 per cent of Sustainable Development Goals (SDGs) are on track to achieve their targets or are making reasonable progress, while 18 per cent are going in reverse. In his speech at the launch of the Sustainable Development Goals 2025 report, Guterres reminded that 10 years have passed since the adoption of the 2030 Agenda for Sustainable Development, Anadolu Ajansi reported. Pointing out that millions of people have gained access to electricity, clean cooking facilities, and the internet since 2015, Guterres said that social protection has reached more than half of the world's population, which is a huge increase compared to 10 years ago. bootstrap slideshow The head of the UN shared that access to education continues to increase and more girls are attending school, while child marriages have decreased. He said renewable energy capacity has increased under the leadership of developing countries, adding: "Women's representation is rising across governments, businesses and societies." However, he stressed that they are not where they should be. 'We are in a global development emergency,' Guterres said, noting that more than 800 million people still live in extreme poverty, climate impacts are increasing, and endless debt repayments are depleting the resources countries need to invest in their people. Guterres pointed out that there is a deep link between ending conflicts and development, and said that conflicts such as those in Gaza and Ukraine should be ended. He said that despite these challenges, the report they launched shows the way forward, presenting roadmaps for transformation in the areas of food, energy, digital access, education, employment, and climate.
Al-Ahram Weekly
12-07-2025
- Business
- Al-Ahram Weekly
Banque Misr, EBRD sign Egypt's first $100 mln sustainability-linked loan - Economy
Egypt's Ministry of Planning, Economic Development, and International Cooperation announced on Thursday the signing of the country's first sustainability-linked loan agreement, valued at $100 million, between the European Bank for Reconstruction and Development (EBRD) and Banque Misr. The agreement was signed in the presence of the Minister of Planning and Egypt's Governor at the EBRD, Rania Al-Mashat; Banque Misr CEO Hisham Okasha; EBRD Managing Director for Financial Institutions Francis Malige; and EBRD Regional Director for the Southern and Eastern Mediterranean Mark Davis. 'This agreement aligns with our broader strategy to integrate sustainability into our financing framework,' stated Al-Mashat. 'We are committed to working with international partners to increase access to green finance and empower the private sector to contribute to sustainable development.' She noted that since 2020, Egypt has secured over $15.6 billion in concessional financing for the private sector, with more than 40 per cent directed toward financial institutions. The loan is part of Egypt's broader effort to expand access to international financing for local banks and businesses. The Ministry recently signed a cooperation protocol with the Federation of Egyptian Banks to strengthen financing tools through the Hafiz platform, which connects lenders with private sector projects seeking financial and technical support. The EBRD, which dedicates more than 80 percent of its global portfolio to the private sector, has directed over 28 percent of its operations in Egypt toward financial institutions—an approach Al-Mashat said reflects 'a deep understanding of local market needs and the banking sector's capabilities.' She also praised the efforts of the Central Bank of Egypt (CBE) and the Financial Regulatory Authority in fostering an enabling environment for innovation in financial products and services. Al-Mashat cited the success of Egypt's NWFE platform—its flagship climate-finance initiative—as an example of an integrated finance strategy. The platform, she said, has gained international recognition, most recently at the 4th International Conference on Financing for Development. Despite regional and global economic challenges, Egypt recorded 4.7 percent GDP growth in the third quarter of 2025. Private investments now account for more than 60 percent of total investment, according to the Ministry. The Ministry's new cooperation model with Egyptian banks aims to expand access to concessional financing, particularly for SMEs, by facilitating data sharing, streamlining application processes, and enhancing advisory support through digital platforms. 'This is not just about funding,' Al-Mashat said. 'It's about embedding sustainable finance into the national development fabric.' Follow us on: Facebook Instagram Whatsapp Short link:
The Star
09-07-2025
- Business
- The Star
Philippines urges reform of global financial system to aid middle-income countries
MANILA: The Philippines has called for urgent reform of the international financial system to better support middle-income countries (MICs) amid mounting global challenges, the Department of Finance (DOF) said Wednesday (July 8), reported Xinhua. Speaking at the 4th International Conference on Financing for Development held on July 2 in Seville, Spain, DOF Undersecretary Joven Balbosa (pic) urged enhanced representation of developing countries, a review of surcharge and special drawing rights policies, and increased quota shares within the global financial architecture. The conference, which convened global leaders and development stakeholders, adopted the Sevilla Commitment, a renewed global financing framework emphasising the role of multilateral development banks, expanded development cooperation, debt sustainability, and governance reform. Representing the Group of 77 as well as the Like-Minded Group for MICs, the Philippines played a role in negotiations on the conference outcome document. Balbosa underscored the need to move "beyond GDP" in measuring development, advocating for indicators that better reflect MICs' specific challenges. "To overcome the middle-income trap, tailored support is essential," Balbosa said, welcoming Spain's proposal to launch a Beyond GDP Global Alliance and expressing readiness to engage with the UN secretary-general's expert group on new development indicators. He also backed the creation of a UN-led process for a more inclusive global debt architecture and emphasised the importance of concessional finance, climate funding, and technical assistance without compromising Official Development Assistance commitments. Balbosa concluded by calling for increased capacity-building to ensure that financing for development leads to tangible progress. - Bernama-Xinhua
Daily News Egypt
06-07-2025
- Business
- Daily News Egypt
UN conference cites Egypt's ‘NWFE' programme as model for development finance
The final declaration of a United Nations conference has cited Egypt's country platform for the 'NWFE' programme as a model for a new generation of platforms and innovative tools to reform the global financial architecture. The declaration, issued following the 4th International Conference on Financing for Development (FFD4) in Seville, Spain, was part of the 'Seville Pledge,' the first internationally agreed development financing pledge since 2015. The pledge aims to close a $4 trillion gap in financing for the Sustainable Development Goals and calls for a restructuring of the global financial system amid escalating debt crises and declining investment. The conference launched 130 initiatives under the 'Seville Platform for Action (SPA)' to stimulate large-scale investment, address debt and development crises, and reform global finance. Rania Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, said the NWFE programme, launched in 2022, anticipated global calls for platforms that integrate development and climate action. 'At a time when countries are racing to establish national platforms to coordinate development efforts and climate investment, and as successive international forums and events emphasize the importance of national platforms and strategies as a tool to attract investment and capital flows, the country platform of the 'NWFE' program, launched by Egypt in 2022, stands out as a pioneering model that anticipated global calls to launch a platform focused on integrating development and climate action efforts, and contributes to mobilizing climate investments in priority areas,' Al-Mashat said. The minister pointed out that the programme, which focuses on the nexus of water, food, and energy, has mobilised $4 billion in concessional financing over two and a half years. This funding is for renewable energy projects with a capacity of 4.2 gigawatts, supporting Egypt's efforts in renewable energy and green transition. Al-Mashat noted that Egypt used a specific approach in designing and implementing the programme, coordinating with national entities and development partners. This enabled the country to maximise public investment and mobilise concessional financing, debt swap mechanisms, grants, and private investment for its projects. She added that 'the projects currently being implemented have become an example of constructive partnerships between various relevant stakeholders, represented by coalitions of local and foreign companies, multilateral development banks, international institutions, and innovative financial mechanisms from bilateral partners such as debt swaps, for effective implementation and achieving desired outcomes.' The ministry has adopted a transparent approach and recently launched a second follow-up report on the programme's performance. The programme was also highlighted in an analytical article by Richard Calland, a professor at the University of Cambridge, published on the academic and media platform The Conversation. The article, titled 'Development Finance in a Post-Aid World: The Role of National Platforms,' discussed the importance of national platforms as financial tools. It cited the 'NWFE' platform as an innovative model for coordinating development finance towards national priorities, particularly in water, food, and energy. Prominent initiatives launched under the 'Seville Platform for Action' include a centre for debt-for-development swaps led by Spain and the World Bank; Italy's conversion of €230m of African debt into development investments; a 'debt standstill clause coalition' of countries and development banks to suspend debt payments during crises; and the Seville Debt Forum to improve coordination in debt management. The conference in Spain was the first comprehensive UN conference on financing for development since 2015. It drew more than 15,000 participants and hosted 470 events, building on the outcomes of the 2015 Addis Ababa Action Plan, the 2008 Doha Declaration, and the 2002 Monterrey Consensus.
Mint
04-07-2025
- Business
- Mint
Global financial imbalance hurting climate, development goals: FM Sitharaman
New Delhi: Finance minister Nirmala Sitharaman on Friday flagged persistent asymmetry in global financial flows as a major impediment to sustainable development in the Global South, warning that it continues to stifle long-term investments in clean energy, urban mobility, and climate-resilient infrastructure. Speaking at the New Development Bank's (NDB) Governors Seminar in Rio de Janeiro, Brazil, Sitharaman urged a fundamental rethink of the global financial architecture to better align with the development priorities of emerging and low-income economies. 'The asymmetry in global financial flows deters long-term investment and delays critical progress, especially in renewable energy, urban mobility and climate resilient infrastructure,' she said. 'The result is the widening gap between development potential and the financial realization," she added. Sitharaman also highlighted the complexity of balancing growth and sustainability, particularly in democracies like India where expanding access to housing, healthcare, education, and livelihoods remains a critical imperative. 'The real challenge, therefore, is not choosing between development and sustainability, but designing policies, particularly in partnership with emerging markets and developed economy countries that foster inclusive growth and strengthen sustainable development,' she said. The finance minister added that India is actively aligning its financial system with climate and development goals by deepening its green finance ecosystem. 'India has laid a strong foundation for green finance in recent years—through Sovereign Green Bonds, ESG disclosure mandates, and the proposed taxonomy for climate finance,' Sitharaman said. 'We are building a more resilient, inclusive, and innovation-driven financial architecture that connects capital with climate imperatives.' The finance minister underscored the role of institutions like the New Development Bank in reshaping development finance for the Global South. 'The NDB was set up to bridge a clear gap in the global financial architecture, one that responds to the unique needs of developing economies,' she said. The NDB, formerly the BRICS Development Bank, was established in 2014 by Brazil, Russia, India, China, and South Africa to mobilize funding for infrastructure and sustainable development projects. Headquartered in Shanghai, it serves as a credible alternative to Western-led institutions like the World Bank and the International Monetary Fund. Sitharaman's remarks in Brazil echoed the concerns she raised earlier this week at the 4th International Conference on Financing for Development (FFD4) in Seville, Spain, where she called for urgent reforms to the global financial system, expanded climate finance, and faster sovereign debt restructuring, especially for vulnerable economies. The calls come amid growing alarm over stalled progress on the United Nations' Sustainable Development Goals. The UN estimates a $4 trillion annual shortfall in development financing, severely constraining the ability of countries to invest in essential services and transition toward sustainable, inclusive growth.
