Deal reached on development financing

Addis Ababa, July 16

Rich nations and developing countries today 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.

The agreement paves the way for the world body to push ahead with its 2015-30 sustainable development goals, which are due to be formally adopted in New York in September.

There are 17 in all, ranging from ending poverty to providing universal access to sustainable energy.

Under the agreement, donor nations confirmed they aim to set aside 0.7 per cent of gross national income for development aid.