On Thursday the 4th of July, the G7 Ministers responsible for development cooperation and the Commissioner for International Cooperation and Development of the European Union have gathered in Paris.
They have agreed on a 10 points declaration on financing for sustainable development. This statement aims at sustaining the dynamic initiated by the Addis Ababa Action Agenda, in order to reach the SDGs. It confirms the need to improve the cooperation efforts so that each dollar spent is maximized.
Indeed, the G7 countries provided 75% of the global net official development assistance (ODA) in 2018. This declaration presents ODA as a tool to mobilize additional resources, including from the private sector and foundations. It affirms the need to produce reliable data to measure the financial flows linked to development and presents tools to guarantee a greater transparency. What’s more, it stresses the need to elaborate gender responsive financing strategies.
Finally, it recognizes the importance of innovative finance mechanisms and highlights the potential of outcome-based funding instruments such as Development Impact Bonds.
Read the declaration :
- G7 Declaration on Financing for Sustainable Development