A senior UN official has told UN News that the global development challenge is not lack of money, but how to align public and private capital flows. The Sevilla Agreement adopted this week, sets out a roadmap for all UN Member States - except the US which pulled out earlier this month - with the aim of mobilizing that capital.
Development benefits all countries because it is linked to other areas of activity and society, including basic security itself. Without it, there is no hope - and no stability.
That is the key message from the Director of the UN Development Programme's Bureau for Policy and Programme Support ( UNDP ), Marcos Neto , to all other nations gathered in Sevilla who have signed up to the plan of action, which gets underway immediately.
The Sevilla Agreement is the centrepiece of the 4th International Conference on Financing for Development, and it has been adopted by 192 of the 193 UN members.
The United States withdrew citing fundamental disagreements with many policy approaches and is absent from the summit taking place amid scorching temperatures in the southern city of Sevilla, Spain.
No lack of money
In his interview during the conference, we asked Mr. Neto to explain in plain language what the Seville Commitment is all about.
This interview has been edited for length and clarity.
Marcos Neto: We are five years away from the Sustainable Development Goals [SDGs]. One of the biggest obstacles to this shared agenda of global solidarity is financing. In other words: where is the money? Where will the money come from?
The Sevilla Commitment is a document that makes it clear that this is not about a lack of money - it's about aligning public and private capital flows toward those Goals, toward the Paris Agreement , and toward all other international commitments.
The commitment outlines what to do with every kind of money - national, international, public, and private. It is a roadmap that was agreed upon through consensus among UN Member States, involving the private sector, civil society, and philanthropy.
UN News: One of the major absences at this Conference was the United States, which left the negotiations on the Undertaking. How did Washington's withdrawal influence the Conference?
Marcos Neto: A consensus among 192 countries was reached and approved here. Now, clearly, the United States is one of the world's largest economies and holds significant weight. I believe it's crucial to keep the dialogue open and continue engaging all Member States, each according to their own needs.
For example, development financing is directly linked to security. Without development, you cannot have a stable society - one without conflict. What's your level of poverty? What's your level of inequality? Development is a security strategy. Development is hope. A people without hope is a people in trouble.
