Official Development Aid is insufficient for sustainable development

Addis Ababa, 14 July 2015 (WIC) – Official Development Aid (ODA) from developed nations to the developing countries is insufficient to ensure sustainable development, participants of the 3rd International Conference on Financing for Development said.

On the occasion of the second day of the conference held in ECA, Prime Ministers, Deputy Prime Ministers and Economy and Finance Ministers of different nations said that the official development aid flows to the least developed countries (LDC) is inadequate to ensure sustainable development.

Chinese Minister of Finance, Lou Jiwei said capital accumulations, mobilizations of domestic resources and private sector investment of any nation is essential to eradicate poverty and promote sustainable development in developing countries.

The north-south political and economic cooperation and the increasing official development aid flow on poverty eradication, health service expansion, education and infrastructure activities are significant for  sustainable development.

China exerted efforts to strengthen south-south cooperation based on equal benefits of both partners to make possible the 2015 development agenda, said Lou Jiwei, Innovative financing  and  creation  enabling environment  for common development is  crucial  for holistic economic  growth.

Secretary of the Treasury  of USA, Jacob Lew on his part said millions of people  in  the least developing countries pull themselves out  of the quagmire of poverty  in the last decade, basic service delivery such as health, education and infrastructure are expanded  through  financing for development.

USA provided 33 billion USD for   African  development in the last decade and also allocating about 50 percent of the ODA for the least developing nations, said Lew, adding that 85 billion USD invested by the leverage of private   investment of USA  since 2009.

European Commissioner for International Cooperation and Development, Mr. Neven Mimica said that 2015 is marking for sustainable development of the world, EU  needs economic development compatible with the current environment agenda.

The 2015 development agenda could be realistic through integration and participation of all partners, he said.

Prime Minister of Italy, Matteo Renzi on his part said, investment in Africa is an inevitable opportunity  and that  huge investment   has been creating more jobs in the continent, he added.