Latest news with #FourthInternationalConferenceonFinancingforDevelopment
Hi Dubai
9 hours ago
- Business
- Hi Dubai
Global FDI Rose 4% in 2024 to $1.5 Trillion: UNCTAD
Global foreign direct investment (FDI) dropped 11 percent in 2024, marking the second year of decline and underscoring growing concerns over volatility and fragmentation in international capital flows, according to the United Nations Conference on Trade and Development (UNCTAD). Released Thursday in Geneva, UNCTAD's World Investment Report 2025 noted that despite a 4 percent rise in global FDI to $1.5 trillion last year, the increase was driven largely by transient financial flows through European investment hubs — masking underlying weaknesses in long-term investment trends. The report warned that geopolitical tensions, trade fragmentation, and intensifying industrial policy competition are reshaping the global investment landscape, eroding investor confidence and deepening disparities between developed and developing markets. Developed economies saw FDI fall sharply by 22 percent, with Europe experiencing a dramatic 58 percent plunge. North America stood out with a 23 percent rise, led by inflows into the United States. FDI to developing countries held relatively steady. Asia remained the top recipient despite a slight 3 percent decline, while Southeast Asia posted a 10 percent rise. Africa recorded a 75 percent surge, primarily due to a major project in Egypt, while Latin America and the Caribbean saw a 12 percent drop. In the Middle East, investment remained strong, bolstered by Gulf nations' economic diversification initiatives. Structurally vulnerable economies showed mixed results: FDI rose in least developed countries and small island states but fell in landlocked developing nations. UNCTAD emphasized the need to reform global investment frameworks to support sustainable development, ahead of the upcoming Fourth International Conference on Financing for Development, where world leaders will address growing financing gaps. News Source: Emirates News Agency
TimesLIVE
21 hours ago
- Business
- TimesLIVE
Global Citizen summit targets finance reform, renewable energy scale-up
Global Citizen, the world's leading advocacy organisation dedicated to ending extreme poverty, has announced that its flagship action summit, Global Citizen NOW, will take place at CaixaForum Sevilla in Spain on June 29. The event will convene ahead of the UN's Fourth International Conference on Financing for Development (FfD4). Hosted in partnership with the Spanish government, the summit will gather leaders across sectors to drive ambitious action on poverty and the climate crisis. The summit will serve as a strategic catalyst and global platform to shape the action coming out of FfD4 and advance an ambitious agenda for financing reform and international co-operation. It will feature dynamic high-level panels and highlight the urgent need for investments in renewable energy across Africa and transformative investments in development finance. Pedro Sánchez, President of Spain, said the UN's FfD4 is a critical opportunity that could not be more timely. 'World leaders need to work together within the multilateral framework to reshape the global financial architecture so it works for everyone, especially the world's most vulnerable. 'Spain is proud to co-host Global Citizen NOW: Sevilla to drive bold, co-ordinated action to tackle the world's biggest challenges and mobilise ambitious initiatives for sustainable development,' said Sánchez. The summit will serve as a key moment in Global Citizen's year-long scaling up renewables in Africa campaign, in partnership with European Commission President Ursula von der Leyen and President Cyril Ramaphosa, with policy support from the International Energy Agency. The campaign aims to secure commitments from governments, the private sector and multilateral banks towards tripling renewable energy capacity by 2030, support the creation of 500,000 new energy jobs, and address the unmet energy needs of 600-million people who don't have electricity on the continent. It will culminate in a pledging conference in November alongside the G20 summit. 'Our global financial system was not designed to meet today's challenges. It must evolve to reflect the realities of a world in crisis,' said Prime Minister Mia Amor Mottley of Barbados. Mottley said from unsustainable debt burdens to the escalating climate emergency, too many nations are being asked to do more with less. 'The Global Citizen NOW: Sevilla summit is a vital platform to champion equitable financing, accelerate renewable energy transitions across Africa and SIDS, and advance the systemic reforms our world urgently needs. Now is the time for co-operation and decisive action for people and planet,' she said. Co-Founder and CEO of Global Citizen Hugh Evans said Global Citizen NOW: Sevilla will showcase international co-operation at a time when the world so urgently needs it. 'The future of financing global development demands radical efficiency, as we need to do more with less to deliver the impact that is needed to end extreme poverty around the world,' Evans said. The summit will be hosted by Nomzamo Mbatha, actress, humanitarian and Global Citizen ambassador. Previous editions of Global Citizen NOW have been held in New York, Melbourne and Rio de Janeiro. Later this year, the summit series is expected to expand its global footprint and also head to Detroit, Michigan, Belém, Brazil and Johannesburg.
Mid East Info
4 days ago
- Business
- Mid East Info
Arab Coordination Group (ACG) provided US$ 19.6 billion in 2024 to promote global sustainable development - Middle East Business News and Information
The ACG Heads of Institutions gathered in Vienna today for their 20th annual meeting hosted by the OPEC Fund for International Development (the OPEC Fund). Ahead of the Fourth International Conference on Financing for Development (FFD4) which is scheduled to take place from 30 June to 3 July 2025 in Spain, the group reaffirmed its commitment to scaling-up financial assistance for sustainable development. The top three sectors supported by ACG financing last year were energy (29 percent), agriculture (20 percent) and the financial sector (16 percent). Over 45 percent of the total financing promoted global trade, ensuring the movement of critical products and supporting small and medium-sized enterprises. In 2024, approximately 20 percent of the ACG's commitments were dedicated to Africa, aligned with the US$50 billion pledge made by the group in November, 2023. During their meeting in Vienna today, the Heads of Institutions pledged continued and increasing support to the most vulnerable communities in Africa. The commitment aims to provide financing for energy security and energy transition; food security; enhanced integration of the Arab and African regions; gender and youth initiatives; and private sector support. The ACG will celebrate its 50th Anniversary in October 2025, marking a significant milestone in its journey of fostering sustainable development worldwide. This momentous occasion will provide an opportunity to reflect on the Group's remarkable legacy, achievements, and challenges, while also reaffirming its commitment to global development. This event will not only document the Group's accomplishments over the past fifty years but also inspire renewed commitment to advancing impactful development solutions worldwide. Distributed by APO Group on behalf of Arab Coordination Group (ACG). About the Arab Coordination Group ACG: The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Since its establishment in 1975, ACG has been instrumental in developing economies and communities for a better future, providing more than 13,000 development loans to over 160 countries around the globe. Comprising ten development funds, ACG is the second-largest group of development finance institutions in the world and works across the globe to support developing nations and create a lasting, positive impact. The Group comprises the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.
Mid East Info
4 days ago
- Business
- Mid East Info
Arab Coordination Group ACG provided US$ 19.6 billion in 2024 to promote global sustainable development - Middle East Business News and Information
The Arab Coordination Group ACG, the world's second-largest development finance group, extended US$19.6 billion collectively to fund nearly 650 operations in more than 90 countries in 2024. This significant financing was geared towards developing critical infrastructure, addressing global challenges like climate change and food security, and supporting international trade. The ACG Heads of Institutions gathered in Vienna today for their 20th annual meeting hosted by the OPEC Fund for International Development (the OPEC Fund). Ahead of the Fourth International Conference on Financing for Development (FFD4) which is scheduled to take place from 30 June to 3 July 2025 in Spain, the group reaffirmed its commitment to scaling-up financial assistance for sustainable development. The top three sectors supported by ACG financing last year were energy (29 percent), agriculture (20 percent) and the financial sector (16 percent). Over 45 percent of the total financing promoted global trade, ensuring the movement of critical products and supporting small and medium-sized enterprises. In 2024, approximately 20 percent of the ACG's commitments were dedicated to Africa, aligned with the US$50 billion pledge made by the group in November, 2023. During their meeting in Vienna today, the Heads of Institutions pledged continued and increasing support to the most vulnerable communities in Africa. The commitment aims to provide financing for energy security and energy transition; food security; enhanced integration of the Arab and African regions; gender and youth initiatives; and private sector support. The ACG will celebrate its 50th Anniversary in October 2025, marking a significant milestone in its journey of fostering sustainable development worldwide. This momentous occasion will provide an opportunity to reflect on the Group's remarkable legacy, achievements, and challenges, while also reaffirming its commitment to global development. This event will not only document the Group's accomplishments over the past fifty years but also inspire renewed commitment to advancing impactful development solutions worldwide. About the Arab Coordination Group ACG: The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Since its establishment in 1975, ACG has been instrumental in developing economies and communities for a better future, providing more than 13,000 development loans to over 160 countries around the globe. Comprising ten development funds, ACG is the second-largest group of development finance institutions in the world and works across the globe to support developing nations and create a lasting, positive impact. The Group comprises the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.
IOL News
05-06-2025
- Business
- IOL News
Cyril Ramaphosa urges global unity to tackle debt sustainability challenges
President Cyril Ramaphosa urges bold, united global action to address debt and development challenges, warning the world has only five years left to meet the 2030 Sustainable Development Goals. President Cyril Ramaphosa has urged increased urgency, ambition, and alignment in addressing the global debt crisis that confronts low-income and developing countries, emphasising that the world is racing against time with just five years remaining to meet the Sustainable Development Goals (SDGs) by 2030 Speaking ahead of the Fourth International Conference on Financing for Development (FfD4), Ramaphosa emphasised the need for unified global action to achieve sustainable development and support vulnerable economies. 'We must achieve these goals not merely because we have committed them to paper, but because the health, welfare, and happiness of billions of people depend on the progress we make.' He described the conference as a decisive moment for the global community, especially in the wake of the United Nations 2024 Report on the SDGs, which he said 'captures the gravity of the crisis.' Referring directly to the report, Ramaphosa stressed that it makes clear. 'We must think and act differently. We must move faster and with far greater ambition. Importantly, we must align our efforts across all available fora and platforms.'
