African nations delivered a resounding call for sweeping reforms to the international financial architecture at the Fourth International Conference on Financing for Development (FfD4), which concluded on Sunday in Seville, Spain.
The conference culminated in the adoption of the “Seville Commitment,” a 38-page document outlining voluntary measures aimed at enhancing access to finance and aligning investments with the Sustainable Development Goals (SDGs).
For African delegates, these discussions transcend theory, representing a vital issue of survival, transformation, and sovereignty over their development futures.
Claver Gatete, UN Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA), stressed the urgency of the continent’s plight. “For Africa, this is not a theoretical discussion. It is a matter of survival, transformation, and sovereignty over our development trajectory,” he declared.
Africa faces an annual financing gap of approximately $1.3 trillion to meet the SDGs. Yet progress is hindered by soaring borrowing costs, scarce concessional finance, and cautious private investment.
Notably, only two African countries currently hold investment-grade credit ratings, despite a rich pipeline of viable projects spanning energy, transport, agriculture, and digital infrastructure.
A highlight of the summit was the unveiling of the Action Platform for Mobilizing Private Investment, a collaborative effort led by the ECA in partnership with Convergence Blended Finance, the OECD-DAC, and other stakeholders.
This platform aims to channel private capital more effectively via blended finance solutions, focusing on African priorities such as trade corridors, industrial zones, and renewable energy.
“We are not proposing another list of projects. We are proposing a coordinated, African-led mechanism to direct capital to where it is most needed,” Gatete emphasized.
African nations also advocated for urgent modernization of sovereign debt frameworks, seeking swifter and fairer restructuring mechanisms that encompass private creditors and middle-income countries.
The ECA promotes innovative tools including debt-for-climate swaps, transition bonds, and embedding sustainability more deeply in debt assessments.
To ensure accountability and transparency, Gatete proposed an integrated FfD monitoring system with regional observatories and national coordination units. “Without mechanisms to track what we fund and how, we risk eroding credibility.
Accountability systems must be data-driven and guided by national priorities,” he warned.
As Africa presses for a paradigm shift in global finance, the Seville summit marks a pivotal moment in the continent’s quest for economic sovereignty and sustainable development.
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