PRESS RELEASE AND HIGHLIGHTS
LAUNCH
Global Outlook on Financing for Sustainable Development was launched on Monday November 12 at the Paris Peace Forum by Jorge Moreira da Silva, Director, Development Co-operation, OECD and Rémy Rioux, Chairperson, International Development Finance Club (IDFC) and CEO, Agence Française de Développement (AFD).
KEY MESSAGES
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- Financing the Sustainable Development Goals (SDGs) in developing countries is a major challenge.
- Three years after the Addis Ababa Action Agenda (AAAA) in 2015 called on all actors –public and private-- to coordinate better and mobilise more financial resources, the outlook is not encouraging: external finance --which many developing countries continue to depend on heavily-- has been going down, largely due to the drop in private flows, and coordination remains poor.
- The trend must be reversed: financing the sustainable development of poor countries is an investment in the well-being of all nations. OECD countries must face the challenge: urgent and bold action is needed to implement the AAAA with their partners and fulfil the promise of Agenda 2030 at home and abroad.
- Mobilising more finance for developing countries is not enough; the quality – i.e. the “sustainable development footprint”– of all finance must be enhanced.
- The Outlook makes recommendations for reforms in three areas:
1) better measurement of the quantity and quality of finance for the SDGs; 2) better incentives to direct the finance already available globally to the SDGs; and 3) better co-ordination of actors to connect the supply and demand for financing for sustainable development in developing countries.
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ARTICLES
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