Addis Ababa hosts four-day summit on financing for development

Jul 15, 2015

Some 5,000 participants, including 16 heads of state, are attending.

Five thousand participants including sixteen heads of state are meeting this week in Addis Ababa for the third International Conference on Financing for Development.

The four-day summit, which started on Monday (July 13th), will look into a draft outcome document that will form the basis of a discussion to be held in New York in September, in a bid to usher in a new 15-year development agenda dubbed “Sustainable Development Goals” (SDGs).

Ethiopian Prime Minister Hailemariam Desalegn said: "The development finance context has changed since [the 2002 conference in] Monterrey. Climate finance is growing… [and] the private sector has emerged as a crucial engine for remittances,” he said, quoted by World Bulletin. He stressed the need to explore financing derived from domestic sources.

He added the summit would aim to set up 'technology banks' in the world’s least developed countries, which will earmark 0.1 percent of their national income for the project.

Meanwhile, UN Secretary-General Ban Ki-moon said the new agenda would include concrete policy commitments, such as a social compact for policy improvement aimed at improved access to health, education, energy, water and sanitation.

It will also call for greater international cooperation on matters related to climate, taxation and gender equality.ADNFCR-2976-ID-801794344-ADNFCR