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A global agreement was reached in Addis Ababa regarding financing for development

19.07.2015

On July 13 to 16, the Foreign Ministry's Undersecretary for Economic and Development Affairs Väino Reinart participated in the United Nations Third International Conference on Financing for Development in Addis Ababa, Ethiopia. Estonia was elected vice-president to chair the conferences' plenary sessions.

Sustainable development was discussed at the conference and a new agreement reached on policies of financing for development. In order to achieve the objectives according to the agreement which will go into effect as of 2016, requires the cooperative effort of states, private companies and civil groups. In his speech at the conference, undersecretary Väino Reinart underlined the need for global cooperation in order to achieve universal goals. "The new global partnership must stand for human rights, gender equality, environmental protection and good governance," Reinart said. "Governments have a key role to play in creating an environment favourable to cooperation and the involvement of partners," he stressed. Monitoring and reporting are an integral part of the objectives, since success depends on the fulfilment of obligations.

The main objectives of the final document of the conference are the eradication of extreme poverty, adaptation to climate change and sustainable development. A new principle described in the agreement is the combining of funding sources. States' internal funds, investments from the private sector and public-private cooperation are now being added to official development aid resources. It has also been stipulated that each country is responsible for the creation of an appropriate institutional, legal and political framework, with which to contribute to attaining global sustainable development objectives in social, economic and environmental fields.

The Addis Ababa conference was a follow-up to the Monterrey conference of 2002, where how to finance development globally was decided; this was also the source of many of the concepts of development that are valid today. Resolutions of the Monterrey conference were evaluated and refined in 2008 with the Doha Declaration. Agreeing on the goals of sustainable development are the main theme of the UN Summit in the fall.

More information about the conference: http://www.un.org/esa/ffd/ffd3/

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