Seville: The Angolan presidency of the African Union prioritizes the development of continental infrastructures, viewing it as essential for regional economic integration, according to the Minister of Foreign Affairs, T©te Ant³nio. Speaking at a press conference during the 4th International Conference on Financing for Development in Seville, Spain, the minister highlighted the significance of an upcoming international conference in Luanda this November, aimed at furthering this agenda.
According to Angola Press News Agency, the Seville conference seeks to reform the current international financial architecture to facilitate the implementation of the United Nations 2030 Agenda and the African Union Agenda 2063. The presence of 47 African states underscores the importance of this event. Ant³nio emphasized the need to reassess commitments made at previous conferences, such as the Monterrey Consensus in 2002, which called for developed countries to allocate 0.7% of their financial resources to aid developing nations. He pointed out the limited progress since then and stressed the importance of revising the financial architecture to support development in the global south.
T©te Ant³nio mentioned that specific goals have been set for the Seville Declaration, a method adopted by the conference to address financing for development. He highlighted the necessity for reform in financial architecture, fiscal capacity improvement, and restructuring cooperation in official development assistance. The conference, attended by over 60 world leaders and 4,000 civil society representatives, aims to address global development challenges amidst significant inequalities between rich and developing countries.
Operating under the theme of equity and economic justice, the conference explores new financing and cooperation methods to bridge the gap between the developed global North and the developing global South. The UN organizes such meetings to promote fair resource distribution and opportunities worldwide. President Joo Louren§o’s participation signifies Angola’s and Africa’s active involvement in global development discussions, where he is expected to present African perspectives on financing for development.
The conference coincides with the tenth anniversary of the Addis Ababa Action Agenda, established in 2015, which outlines strategies to finance the Sustainable Development Goals (SDGs). The agenda focuses on enhancing public and private financial flows and addressing systemic issues like debt sustainability. The UN notes that the current system has not fulfilled promises to vulnerable populations, highlighting a $4 trillion annual development finance gap.
The Seville conference is a critical moment for renewing international solidarity, focusing on mobilizing large-scale financing and reforming the global financial system to prioritize people’s needs. Central themes include debt increase, investment decline, and reduced foreign financial aid, with success contingent on collective action to address these challenges.