Sevilla ILO’s ‘Fourth International Conference on Financing for Development’  – demonstrates a vital step to rebuild trust in global cooperation.

The landmark Financing for Development conference in Sevilla has concluded with a renewed sense of resolve and a focus on action that can change lives worldwide, according to UN Deputy Secretary-General Amina Mohammed. “The human consequences of rising debt burdens, escalating trade tensions and steep cuts to official development assistance have been brought into sharp relief this week”, she told the closing session of the pivotal gathering, amid sizzling temperatures across Southern Spain. The 4th International Conference on Financing for Development (FFD4) carries strong symbolic weight, reflected in the agreed priorities of the Sevilla Commitment.

Civil society organisations have welcomed the consensus reached at the landmark sustainable development conference, while cautioning that real progress will depend on sustained action. Activists, many from the Global South, attending the talks in Spain, are calling for greater leadership and commitment from wealthier nations to help address long-standing structural inequalities.

The organisations have emphasised the need to address issues such as external debt – draining public budgets – and to ensure innovative mechanisms like blended finance, while directing resources to those who need them most, who are often on the frontlines of finding solutions. “We’re seeing countries spend more on debt payments than on healthcare or education, while inequalities are deepening”, experts have warned.

A place to call home –

Housing solutions linked to sustainable development are notably absent from the summit’s final document. “It’s regrettable that it’s not even mentioned, at a time when we are facing a global cost-of-living crisis – not only in the Global South but also here in Spain. Housing is a source of anguish and distrust among citizens, and it has been completely ignored”, Ms. Paula Sevilla, a representative of the International Institute for Environment and Development (IIED) said.

Despite this, her organisation IIED is working to leverage the Sevilla outcome to find ways to channel funding into providing more affordable homes. Commenting on the initiative led by Spain and Brazil to work towards fair taxation and push back against tax avoidance by the world’s richest – promoting more transparency and accountability – the IIED representative said it could be a useful path toward correcting structural inequalities.

Tax for development –

“We need leadership from the Global North, where many of the world’s major tax-evading corporations are based. Without their commitment, we won’t move forward”, Paula Sevilla stated. With just five years remaining to meet the Sustainable Development Goals, she warned that time is running out – and that the Sevilla Commitment will be meaningless without real change. “We need political leadership, a will to cooperate, and a commitment to protect democratic space. In the end, it’s organised people who keep hope alive and hold leaders accountable,” Ms. Sevilla concluded.

Concerns for the poorest –

Meanwhile, the UN Capital Development Fund (UNCDF) – a hybrid development and finance organization within the UN system – warned against leaving the world’s poorest behind. “At FFD4, we’ve seen exciting coalitions around substantive solutions using blended finance. And while they are significant, it’s important that we guard against a two-tier outcome that leaves the hundreds of millions of people who are living in extreme poverty out of the equation”, said Pradeep Kurukulasuriya, Executive Secretary of UNCDF, which is mandated to unlock finance for the most underserved markets.

UNCDF works in partnership with international organisations and UN entities to deliver blended finance solutions – including concessional loans, grants and guarantees – in any sector, to de-risk markets and drive sustainable economic growth.

Multilateralism at work –

But against that backdrop, the conference has delivered a strong response – a unifying outcome document focused on solutions that reaffirms the Addis Ababa commitments made a decade ago, which seeks to rekindle the sense of hope through the Sustainable Development Goals (SDGs) and shows that multilateral cooperation still matters and still works.

Concrete plan of action –

A serious and long overdue attempt to confront the debt crisis while aiming to close the massive financing gap for the 2030 Sustainable Development Goals (SDGs) were initiated.

The three main action areas for the Sevilla Commitment:

• A major investment push to close the SDG financing gap
• Concrete steps to address unsustainable debt burdens
• A greater voice for developing countries in global financial decision-making

Alongside this agreement, over 100 new initiatives were launched under the Sevilla Platform for Action. These include a global hub for debt swaps, a “debt pause” alliance, and a solidarity levy on private jets and first-class flights to fund climate and development goals. The platform has sparked new partnerships, innovative solutions that will deliver real change in people’s lives. They’re not substitutes for broader funding commitments, but a sign that creative thinking is finally breaking through.

Summary of key commitments going forward from Sevilla –

Tackling debt burdens:

• Spain and the World Bank will lead a Debt Swaps for Development Hub to scale up debt-for-development deals.

• Italy will convert €230 million in African debt into development investments.

• A Debt Pause Clause Alliance of countries and development banks will suspend debt payments during crises.

• The Sevilla Forum on Debt will help countries coordinate debt management and restructuring efforts.

Mobilising investment:

• A Global Solidarity Levies coalition will tax private jets and premium flights to raise climate and SDG funds.

• The SCALED platform will expand blended finance, backed by public and private partners.

• FX EDGE and Delta will help scale up local currency lending through risk management tools.

• Brazil and Spain will lead work on fairer taxation of the wealthy.

• New technical assistance hubs will support project preparation and delivery.

Strengthening financial systems:

• Country-led financing platforms will support national plans.
• The UK-Bridgetown coalition aims to expand disaster financing.

Private sector role:

At the International Business Forum, companies pledged to increase impact investment, with $10 billion in projects showcased.

[Team Maverick would like to thank its readers, who have been with us with their enduring support in following this Summit. Please do keep a vigil watch, as we promise to delve into more and more path breaking news ahead].

Team Maverick