Seville: The city of Seville, Spain, will host the 4th International Conference on Financing for Development (FFD4), a crucial event for redefining the global financial architecture. The meeting, at which Angola will be represented at a high level, will be attended by more than 1,000 participants, including heads of state and government, members of international financial institutions, multilateral organizations, civil society, and the private sector, and aims to ensure the effective mobilization of the resources necessary for sustainable development.
According to Angola Press News Agency, one of the topics on the agenda is the profound transformation of the global financial architecture, with a view to promoting more inclusive, efficient, and equitable financing, proposing a renewed commitment to multilateralism and international cooperation. The conference, also known as the United Nations Conference on Financing for Development, aims to address the difficulties in financing for development and to promote innovative and effective solutions for the implementation of the United Nations 2030 and African Union 2063 agendas, based on the commitments made at previous meetings.
The UN’s 2030 Agenda sets out a global plan for sustainable development, while the African Union’s 2063 Agenda aims to make the continent autonomous, integrated, and prosperous. As regards to Africa, FFD4 aims to provide the necessary means to accelerate its socio-economic transformation, based on the reform of the international financial architecture, currently dominated by rules that favor developed countries and impose high credit costs on developing countries, with an emphasis on African countries.
It also aims to reduce debt and expand fiscal space, fundamental premises for the AU, as many countries on the continent face difficulties arising from the excessive burden of debt servicing, restricting investment in strategic national sectors. The recommendations to come out of the conference, such as the introduction of debt restructuring mechanisms, moratoriums in times of crisis, and sustainable financing in local currencies, could contribute to breaking down the current barriers faced by developing countries.
Another topic for discussion is the lack of modern infrastructure, which has been an obstacle to growth in many African countries, requiring investment in infrastructure and economic transformation, as these are essential pillars of Agenda 2063 and determinants for industrial development and regional economic integration. In this context, the conference will seek to strengthen financing for strategic infrastructure, such as energy, transport, and telecommunications, promoting connectivity and competitiveness on the African continent, brought together in the AU, a regional organization led by Angolan President Joo Louren§o.
The event, taking place at the Seville Exhibition and Congress Center (FIBES), includes plenary sessions, general debate, round tables, side events, and business forums, to discuss issues such as resource mobilization and fiscal transparency, climate finance, environmental sustainability, and reform of the international financial architecture.