Financing for Development Conference

Addis Ababa: Financing for Development

Revised draft: The Addis Ababa Accord

Pursuant to our letter of 28 April 2015, we attach herewith the revised Draft Outcome Document which, as agreed, will serve as the basis of our further consultations from 11 - 15 May. The revised Draft is based on views and comments on the Zero Draft during the Second Drafting Session (April 13-17), the joint session on means of implementation with the Post 2015 Development Agenda process (April 21-24) and the written inputs that we have received.

AU signs $3m grant agreement with ACBF

Addis Ababa: The African Capacity Building Foundation has extended US $3m grant to the African Union (AU) in support of its 3-year capacity building program, which aims to build and enhance capacities within its Commission for the implementation of the continent’s development programs.  

Agenda 2063: AU-RECS-UNECA-AfDB coordination committee convenes

Addis Ababa:  The Chairperson of the African Union Commission H.E. Dr. Nkosazana Dlamini Zuma, has called for a more dynamic relationship between the African Union Commission and the Regional Economic Communities (RECs) in the implementation of Africa’s Agenda 2063.  This came while the Chairperson was chairing the Coordination meeting of the African Union Commission (AUC), RECs, the United Nations Economic Commission for Africa (UNECA), and the African Development Bank (AfDB), held on Monday 11 May 2015, at the African Union headquarters in Addis Ababa.

Strengthening the private sector to boost continental trade and integration in Africa

Africa needs a dynamic and vibrant private sector to seize existing opportunities in the trading system, says a new UNCTAD Policy Brief. The document identifies some key elements of a credible policy package to promote private sector development and boost intra-African trade. Regional trade has the potential to contribute to sustained growth, poverty reduction and inclusive development. It has played this role effectively in several countries in Asia and Latin America.

India nominates KV Kamath as first chief of Brics' New Development Bank

India has nominated ICICI Bank chairman KV Kamath as the first chief of the New Development Bank – the IMF and World Bank rival established by the Brics nations.

While China got the new bank's headquarters set in Shanghai, India had the right to nominate the first president. India will hold presidency of the $100bn (£64.7bn, €89bn) bank for the first six years. Other countries in the Brics group are Brazil, Russia and South Africa.

India's presidency will be followed by Brazil and Russia who will have five years term each under an agreement reached among the members.

Migration and development: the $100 billion idea

Later this year the Financing for Development summit will take place in Addis Ababa. The discussion will focus on the post-2015 agenda and the implementation of the Sustainable Development Goals (SDGs), which will need a massive amount of financing. Where is all that money going to come from? Dilip Ratha, lead economist and head of the Global Partnership on Migration and Development at the World Bank Group has a “$100 billion idea.”

First woman standing as AfDB boss wants African wealth retention

Cristina Duarte, the finance minister from Cape Verde who is the first woman to stand for the presidency of the African Development Bank, said the lender should encourage wealth generated in Africa to stay on the continent.  Duarte, 52, who has managed the West African island nation’s economy since 2006, is one of eight contenders to succeed Donald Kaberuka when he steps down at the end of his second five-year term in August.

Achim Steiner: '2015 will change the way we will do business in the years to come'

Geneva: I believe the year 2015 will change, once more, the way we will do business in the years to come. In July in Addis and in September in New York, with the Financing for Sustainable Development agenda and the adoption of the Sustainable Development Goals (SDGs), there will be a paradigm shift in global public policy. The role of trade is of utmost importance in facilitating the implementation of this agenda. Trade and investment are means, not ends in themselves.

ECA Chief: Africa no longer a development challenge

Washington: Africa is no longer a development challenge but a development opportunity, says Economic Commission for Africa’s Executive Secretary, Dr. Carlos Lopes. In an interview with the VOA, Lopes said the forthcoming Financing for Development Conference presents a great opportunity for the continent’s leaders to advance their agenda as the world discusses the post-2015 agenda. “We are very busy with the Financing for Development conference because it’s a great opportunity for Africa,” he said.

UN Financing for Development negotiations: what outcomes should be agreed in Addis Ababa in 2015?

This paper (endorsed by 137 civil society organisations) summarises our recommendations for concrete changes that could be made at the summit in Addis Ababa, under the six headings of the Monterrey Consensus, with a seventh chapter on other important issues:

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