Deal reached on development financing

July 17, 2015


ADDIS ABABA: Rich nations and developing countries on Thursday reached a deal on financing the next 15 years of global sustainable development, in what was hailed as a successful outcome of a divisive four-day summit.

The four days of talks in Ethiopia’s capital Addis Ababa was the third summit of its kind after talks in Monterrey, Mexico in 2002 and Doha in 2008, with the United Nations setting an ambitious objective of deciding how to finance a wealth of targets ranging from ending poverty to tackling climate change.

According to the UN, the investment gap in key sustainable development sectors for developing nations amounts to $2.5 trillion annually.

“I congratulate the Member States of the United Nations on the adoption of the Addis Ababa Action Agenda,” UN Secretary-General Ban Ki-moon said.

“It is a major step forward in building a world of prosperity and dignity for all. It revitalises the global partnership for development, establishes a strong foundation for implementation of the post-2015 development agenda, and points the way for all stakeholders for smart investments in people and the planet where they are needed, when they are needed and at the scale they are needed.”

The agreement paves the way for the world body to push ahead with its 2015-2030 sustainable development goals, which are due to be formally adopted in New York in September.

Published in Dawn, July 17th, 2015

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