To bridge the financing gap for sustainable development and achieve the Sustainable Development Goals (SDGs) in Africa, a strategic regional workshop on mobilising domestic financing through national integrated financing frameworks (INFFs) opened this Wednesday in Addis Ababa, Ethiopia.
The search for sustainable solutions to finance Africa’s development ambitions has taken a decisive step forward with the opening today of a major regional workshop on National Integrated Financing Frameworks (INFFs).
Bringing together financial experts, officials and representatives of international organisations from 30 African countries, the two-day event aims to strengthen stakeholders’ capacities and promote dialogue on domestic resource mobilisation.
Promoted by the United Nations as part of the Addis Ababa Action Agenda 2015, INFFs provide a comprehensive approach to aligning financing policies with national sustainable development priorities.
By integrating public and private finance, they make it possible to fully leverage available resources and channel them effectively.
In her opening remarks, Zuzana Schwidsowski, Director of the Macroeconomics and Governance Division at the United Nations Economic Commission for Africa (EAC), stressed the urgency to act in the face of multiple crises threatening progress on sustainable development.
“We are entering an era of challenges associated with pandemics, climate change and global economic and financial tensions,” she warned, adding that time was running out to mobilise the resources needed to achieve the 2030 Agenda for Sustainable Development.
Ms Schwidsowski recalled the huge financing gap of between $200 billion and $1.3 billion per year for the continent, according to the CEA’s Africa 2020 Economic Report. She underlined the key role of the INFF in unlocking the full potential of domestic resource mobilisation and alignment at the national level.
Speaking via video, Shari Spiegel, Director of the UN Sustainable Development Financing Office, stressed the critical importance of strong public finances. “Robust tax systems can help reduce poverty and inequality and boost economic growth,” she said, while recognising the challenges posed by globalisation and digitalisation.
Ms Spiegel also welcomed the recent establishment of a UN ad hoc committee to develop a framework for fairer and more effective international tax cooperation, calling it “a historic milestone. ”
For his part, Maxwell Gomera, Director of the UNDP Sustainable Financing Hub for Africa, underlined the contribution of INFFs to the transformation of African economies. “With limited resources in many countries, INFFs ensure the mobilisation, allocation and optimal use of all available resources by targeting them to priority sectors,” he explained.
Rumbidzai T. Manhando, Coordinator of the African Union Financial Institutions Programme, reiterated member states’ commitment to strengthening public and private financing for sustainable development through the INFF. She announced the forthcoming launch of the African Virtual Investment Platform to promote inclusive growth.
Over the next two days, participants will share their experiences and build their capacity to develop effective financing strategies in line with national priorities. An in-depth dialogue on public finance trends and issues affecting the implementation of the INFF is also planned.
The conclusions of this strategic regional workshop will feed into discussions at the 4th International Conference on Financing for Development, to be held in Spain in 2025.
ARD/ac/lb/as/APA