Three years after its inception at the Paris Conference of 2006, the Leading Group on Innovative Financing to Fund Development welcomes the growing importance of these instruments. They have become indispensable to development, especially amid the current economic crisis.
The international community has unanimously recognized the usefulness of these stable, sustainable resources which complement traditional assistance and their direct impact on development. As a result, at the Doha Conference on Financing for Development in December 2008 it was suggested that they be scaled up.
To affirm the commitment of the French Presidency of the Leading Group to meet this objective, under the high patronage of French President Nicolas Sarkozy and at the invitation of French Minister of Foreign and European Affairs Bernard Kouchner, the Sixth Plenary Meeting of the Leading Group on Innovative Financing for Development was held on 28 and 29 May in Paris.
This international high-level conference was a major step forward in rallying international support for such mechanisms before the United Nations General Assembly during which a report by the United Nations Secretary General will be unveiled and upcoming G8 and G20 meetings.
Opened by the French Minister of Foreign and European Affairs Bernard Kouchner and presided by the French Minister of State for Cooperation and Francophony Alain Joyandet, the opening session recalled the innovative financing success stories over the past three years and their role which is now recognized in efforts to reduce poverty and achieve the MDGs.
It also gave many ministers from Leading Group member countries the chance to stress in this time of global economic and financial crisis the importance of pursuing their development in addition to traditional official development assistance.
26 June 2009Printable version