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    • Opinion
    • Development Finance

    Opinion: The world must reshape global finance at 2025 UN summit

    As the 2025 International Conference on Financing for Development approaches, global leaders face a crucial chance to reshape development finance and drive economic transformation for Africa and the world.

    By Contributors // 13 December 2024

    Every decade, the United Nations hosts a financing for development, or FfD, conference, offering the world a chance to commit to a shared vision for international development. The next conference, FfD4, will take place in Seville, Spain, at the end of June 2025. This gathering comes at a critical time, as the global economy faces headwinds, multilateralism weakens, and conflicts escalate. It presents an opportunity to think bigger and make radical changes to create sustainable growth and economic transformation for Africa and its global partners.

    During the 2024 U.N. General Assembly, the Pact for the Future was introduced, envisioning a world where future generations thrive. While this builds on the Sustainable Development Goals, many of these goals will remain unmet by 2030. For Africa, the consequences of ambitious rhetoric without corresponding action are stark.

    Progress on poverty reduction in Africa has stalled since the last FfD conference in Addis Ababa in 2015. Extreme poverty declined marginally from 36.7% in 2019 to 36.5% in 2024. External shocks, including COVID-19 and the mounting impacts of climate change, have reversed earlier gains.

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    More reading:

    ► Opinion: A new approach to development funding is uncomfortable but needed

    ► UN forum helps set agenda for 2025 financing for development conference (Pro)

    ► Development finance must adapt to meet new needs, experts say (Pro)

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    The views in this opinion piece do not necessarily reflect Devex's editorial views.

    About the author

    • Contributors

      Contributors

      Rob Floyd is the innovation and digital policy director at the African Center for Economic Transformation, or ACET, leading initiatives to support Africa’s digital transformation through artificial intelligence, digital infrastructure, and green industrialization. Mma Amara Ekeruche is a senior research fellow at the Centre for the Study of the Economies of Africa, Nigeria’s premier economic think tank. Martin Kessler is the executive director of the Finance for Development Lab. Beverly Musili is an international development finance expert and a practicing lawyer in Kenya.

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