The Millennium Development Goals—a set of eight international targets—were established in 2000 at the UN Millennium Summit. It took another two years for there to be a conference on how to actually finance them. Now, with the MDGs coming to a close this year, the international community is poised to plot a different course.
Global leaders are meeting July 13-16 at the 3rd International Financing for Development Conference in Addis Ababa, Ethiopia, to develop a financing plan for a new set of priorities—the Sustainable Development Goals (SDGs)—prior to a September meeting to agree upon those proposed targets.
Will we see this (arguably more sensible) approach exceed what was achieved in Monterrey in 2002? At stake is nothing less than financing an end extreme poverty in our generation.
“The decisions taken in Addis next week—and in New York in September—have the potential to benefit billions of people for generations to come,” said World Bank Group President Jim Yong Kim.
“But it’s going to take more than business as usual. We need far greater collaboration among governments, the private sector, civil society and multilateral development institutions, including new partners like the Asian Infrastructure Investment Bank and the New Development Bank.”
The global development landscape has changed since the MDGs were adopted in 2000. Middle-income countries now account for a much larger share of global GDP. At the same time, inequality within many countries is on the rise and the gap between the rich and the poor is growing. Moreover, the private sector is playing an increasingly important role in financing goods, service and infrastructure in emerging economies—accounting for $778 billion in foreign direct investment in 2013.