Financing for Development

Third International Conference on Financing for Development (FfD3)

In light of the changes in the global economic context since Monterrey and Doha and the need to reinvigorate the financing for development follow-up process to support the implementation of the post-2015 development agenda, representatives of governments and other stakeholders gathered in Addis Ababa, Ethiopia, from 13-16 July 2015 for the Third International Conference on Financing for Development (FfD3) which took place pursuant to the United Nations General Assembly Resolution 68/279 PDF of 30 June 2014.

The outcome document of the conference “the Addis Ababa Action Agenda” PDF presents an ambitious financing framework that aim to harness all sources of finance, public, private, domestic and international as well as public policies and regulatory frameworks to advance a truly inclusive economic and social development. The new agenda supports the implementation of the post-2015 development agenda through a comprehensive set of policy actions and important deliverables, including in the critical areas of:

  • social protection and public services,
  • infrastructure development,
  • investment promotion,
  • technology facilitation, and
  • international cooperation in tax matters.

Preparations for FfD3

The intergovernmental preparatory process for the Conference was launched in October 2014 and included a series of substantive informal sessions, regional consultations and drafting session.

FfD3 is a key milestone in the financing for development process, particularly in light of its importance to supporting the implementation of the post-2015 development agenda adopted in September 2015 in New York.

In accordance with General Assembly resolutions 68/204 and 68/279, the focus of the Third International Conference on Financing for Development is:

  • reviewing the implementation of the Monterrey Consensus and Doha Declaration on Financing for Development;
  • reinvigorating the financing for development follow-up process and addressing new and emerging challenges, including in the context of the recent multilateral efforts to promote international development cooperation, and
  • ensuring that no one is left behind.

The African Perspective

Since Monterrey, the enormous development challenges facing African countries and the need for an enhanced international support to meet the special needs of Africa were clearly recognized in the financing for development process. In the 2008 Doha declaration, Member Sates recognized that eradicating poverty, particularly in Africa, is the greatest global challenge and committed to strengthening support to the special needs of Africa.

African countries adopted in March 2015 a document entitled “African Group Perspective on Financing for Development Conference” PDF which encapsulated Africa’s priorities with regard to the various pillars of the FfD process, including:

  • domestic and international public finance;
  • foreign direct investment and other private flows;
  • trade;
  • external debt;
  • systematic issues;
  • STI and capacity building; and
  • monitoring, data and follow up.

OSAA’s Contribution

In accordance with its mandate to mobilize international support for Africa's development, the Office of the Special Adviser on Africa (OSAA) has devoted significant attention to the financing for development process, including during the preparatory process of FfD3 and the conference itself. The Under-Secretary-General and Special Adviser on Africa, Mr. Maged Abdelaziz, participated as a speaker in the first substantive session of the preparatory process that was held from 10 - 13 November 2014 and highlighted the key changes in the global economic context and the global development landscape that emerged since the 2008 Doha Declaration.

In this regard, OSAA participated also in all relevant regional meetings and consultations and contributed to the formulation of African common positions on issues of importance to the financing for development process, such as the African Common Position on the post-2015 development agenda PDF and the African Group Perspective on Financing for Development Conference.

As a member of the Secretary-General delegation to FfD3, the Under-Secretary-General and Special Adviser on Africa, Mr. Maged Abdelaziz assisted the Secretary-General in his efforts to reach consensus among Member States on the final outcome document which is the bed rock of the post-2015 development agenda.

In the same vein, OSAA coorganized a high-level expert group meeting on 15 July 2015 leveraging pension funds for infrastructure development in Africa”, on the margins of the Conference.

Furthermore, the General Assembly Resolution 66/293 adopted by the General Assembly on 15 October 2012, which mandated OSAA to serve as the secretariat for the UN monitoring mechanism to review commitments made towards Africa’s development, requires even greater focus on the implementation of multilateral commitments of both development partners and African countries arising from the major United Nations conferences and summits in the economic, social and related fields, including financing for development conferences. In this regard, financing for development featured prominently in the first biennial report of the UN Monitoring Mechanism (A/69/163) as one of the key themes of the report.

Evolution

The adoption by world leaders in 2000 of the Millennium Declaration PDF, which included the Millennium Development Goals (MDGs) demonstrated a strong commitment to lift millions of people out of poverty and advance economic and social development. In the Millennium Declaration in particular, the world committed to making the right to development a reality for everyone and to freeing the entire human race from want.

To realize the vision enshrined in that Declaration, the 2002 International Conference on Financing for Development adopted the Monterrey Consensus PDF to advance an enhanced global partnership for development, where domestic efforts to eradicate poverty are accompanied by international support, particularly in the areas of:

  • official development assistance,
  • trade,
  • debt relief, and
  • capacity building.

The 2008 Doha Declaration PDF, adopted at the Follow-up International Conference on Financing for Development to Review the Implementation of the Monterrey Consensus, which was held in the midst of the world financial crisis stressed the need to maintain aid commitments despite global economic uncertainty. It also renewed the commitment to eradicate poverty, achieve sustained economic growth and promote sustainable development as well as to the reform of the international financial governance.