Dear colleagues,
I hope this message finds you
well.
As we have discussed in recent weeks and months, virtually and in-person, the world finds itself at a pivotal moment with a critical opportunity to rethink international cooperation, reform outdated systems, and mobilise the resources urgently needed to deliver on our shared development goals. This is the core idea that is convening world leaders, ministers, private sector leaders and beyond at the Fourth International Conference on Financing for Development (FfD4) which opens next week in Seville, Spain.
Over the past year, ICC has played a key leadership role as co-Chair of the FfD4 Business Steering Committee, working closely with UN Member States to help shape what is now the Compromiso de Sevilla (the Seville Commitment). While certainly not perfect, this outcome document reflects some good proposals that now require the support and engagement of countries and global business to have real-world impact.
FfD4, the first global summit on development finance since Addis Ababa in 2015, comes at a time when development finance is under unprecedented strain. The scale of investment required far exceeds current levels of public and private financing. Traditional approaches are no longer sufficient. Doing things differently is essential but doing things seriously is even more important. In particular, removing the structural barriers that continue to hold back progress, particularly in mobilising private capital at scale.
We have engaged prominently on key priority areas for business to achieve this, including addressing misaligned financial incentives and the cost of capital; unlocking the catalytic potential of MDBs to mobilise greater flows of private capital; and advancing the key role of trade and trade finance in development. I am proud that this has included the application of our flagship initiatives: the ICC Principles for Sustainable Trade Finance and the Digital Standards Initiative (DSI). We have also consistently advocated for predictable and clear international tax rules as well as effective dispute resolution mechanisms that can help private sector development and foreign investment attraction, especially in developing economies.
The next step is to build on this momentum, particularly through the FfD4 International Business Forum, where we’ll work to identify the practical solutions and partnerships needed to mobilize investment and innovation at scale. I am grateful to all the work by ICC teams and across our global network in preparation for this opportunity. We have a strong delegation participating in the activities in Seville and I look forward to seeing many of our members and National Committee representatives there.
The team and I will keep you updated on the FfD4 outcome as we continue our collective work towards sustainable prosperity and opportunity for all – from Seville to Belém, and beyond.
Best,
--j
