30 June 2023

Key Takeaways Finance in Common's Special Event - Summit for a New Global Financing Pact

special event

FiCS hosted a Special Event on June 22 as part of the New Global Financing Pact Summit. Attended by President Emmanuel Macron and other leaders. The event's objectives were to: 

  • Discuss how to leverage the role of PDBs to finance the SDGs, through stronger collaboration and more systemic approaches;
  • Ensure that all PDBs support the objectives of the NFP Summit, by affirming the commitments of its members and by reminding and strengthening their mandates to scale up sustainable finance and to enhance the mobilization of the private sector;
  • Accelerate the alignment of financial systems with the SDGs by engaging in an in-depth dialogue with other actors;
  • Agree on the role of Finance in Common and Public Development banks in supporting a new consensus for a more inclusive international financial system.

President Macron welcomed the spirit of partnership and cooperation of the Finance in Common initiative, which helps to avoid fragmentation, and serves as a platform to mobilize PDBs and the private sector for people and the planet.

During this special event on “Leveraging PDBs investments for the SDGs”, participants committed to step up their cooperation and work as a system, in the framework of the New Global Financing Pact Summit, to deliver the outcomes needed to help turn the SDGs into reality and mobilize the private sector. They set an ambition to innovate and expand their support to countries, consistent with their mandates and governance frameworks, to contribute to the SDGs and to tackle global challenges including climate change. 

Official deliverables of the New Global Financing Pact:

  • The support of new signatories to the FiCS initial Joint Declaration published in November 2020: Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Inter-American Development Bank (IDB), New Development Bank (NDB) and the World Bank Group;
  • References from the Chair's Summary of Discussions, where FiCS is recognized as a platform that can incubate new ideas and solutions and promote synergies and collaboration across institutions;
  • References from the OPSWF and the GFANZ–FiCS joint Declaration “For a new pact between public and private investors to increase investment in sustainable infrastructure in emerging markets and developing countries”.

FiCS mentions in the New Global Financing Pact:

Members will reconvene at the 4th edition of the Finance in Common Summit in Cartagena, Colombia, from 4 to  6 September 2023, to advance efforts to build new alliances for the next generation of development financing,  as well as at the UN SDG Summit, COP28 and other global fora.