Speaking in Seville at the 4th International Conference on Financing for Development (‘FfD4’), on Tuesday 1 July the European Commissioner for International Partnerships, Jozef Síkela, championed the European Union’s Global Gateway strategy, which aims to encourage public and private investment in infrastructure, green energy, education and research for sustainable development totalling €300 billion by 2027.
The Commissioner stressed that, in an uncertain global context, development was a strategic investment, a guarantee of “shared prosperity”. Mr Síkela called for a redefinition of the way partnerships operate, more intelligent financing, in particular by attracting private capital, but also by strengthening the mobilisation of national resources.
“We are working to shape a system fit for today’s realities - one where development cooperation is a strategic investment in which both the public and private sectors can join forces”, he said, recalling that the annual investment gap to achieve the UN’s Sustainable Development Goals (SDGs) was now estimated at €4,000 billion.
“We must use public budgets as a catalyst for sustainable growth”, he advocated during a round-table discussion.
Nearly 250 Global Gateway projects have already been set up. These include vaccine production in Africa, digital technologies developed in Latin America and clean energy in Asia.
‘Seville Platform for Action’. To give substance to the solemn commitments made by world leaders in their ‘Seville Commitments’ (see EUROPE 13668/23), a ‘Platform for Action’ has been set up in the Andalusian capital. “With it, we must unleash the full potential of the commitments made, and facilitate new alliances between governments, financial institutions, the private sector and civil society”, stated the President of the European Council, António Costa, on Tuesday.
Between 1 May and 6 June, any public or private entity had the opportunity to submit an innovative or enhanced project in line with the SDGs. Nearly 130 concrete initiatives were presented in Seville this week. Their follow-up will be assessed at future UN meetings.
On Monday, the European Commission and the European Investment Bank announced a new type of financial guarantee agreement aimed at expanding the EIB’s operations outside the EU (see EUROPE 13670/4). (Original version in French by Bernard Denuit)