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.