Seville: Angolan Head of State Joo Louren§o arrived in Seville, Spain, to participate, as President of the African Union, in the 4th International Conference on Financing for Development, a United Nations (UN) initiative. The conference gathers over 60 world leaders and 4,000 representatives of civil society to explore solutions to global development challenges, particularly the inequalities between affluent and developing nations.
According to Angola Press News Agency, the Seville conference, themed around equity and economic justice, aims to explore new financing methods and international cooperation to bridge the gap between the developed North and the underdeveloped South, which faces significant obstacles to sustainable progress. The event seeks to redefine the global financial structure to promote more inclusive, efficient, and equitable financing, highlighting a renewed commitment to multilateralism and international cooperation.
The conference, also known as the United Nations Conference on Financing for Development, will address the challenges in development financing and propose innovative solutions to implement the United Nations 2030 and African Union 2063 agendas. These agendas are designed to foster sustainable development globally and make Africa autonomous, integrated, and prosperous.
For Africa, the 4th International Conference on Financing for Development (FFD4) aims to provide the means to accelerate socio-economic transformation by reforming the international financial system, which currently favors developed countries and imposes high credit costs on developing nations. Joo Louren§o’s participation underscores Angola and Africa’s role in global development discussions, focusing on the continent’s need for basic infrastructure.
The Angolan leader is expected to voice African perspectives on development financing, advocating for mechanisms that support equitable and sustainable growth. The conference comes ten years after the Addis Ababa Action Agenda’s adoption, a UN-promoted strategy for financing the Sustainable Development Goals (SDGs) by boosting public and private financial flows.
Despite advancements, the global economic landscape remains difficult, with high debt burdens, reduced foreign aid, and increased trade restrictions. According to the UN, the current system has failed to meet its commitments to vulnerable populations. The conference agenda includes enhancing domestic resource mobilization, improving international cooperation, and addressing systemic issues like debt sustainability.