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The International Chamber of Commerce (ICC) has welcomed the conclusion of the Third International Conference on Financing for Development (FFD3) as a “major leap forward” in international development cooperation.

FFD3 will formally conclude today in Addis Ababa after three days of negotiations to agree on a new global financing framework to support sustainable development. The final text—known as the Addis Ababa Action Agenda—was agreed yesterday evening and forms an important part of the UN’s post-2015 development agenda.

Following the conclusion of the Addis talks, John Danilovich, Secretary General of ICC, said: “We welcome the Addis agreement as an important step towards realizing a more sustainable and prosperous future for us all. Financing will be the linchpin for the success of the new sustainable development agenda. By establishing a framework that seeks to harness private sector investment, we’ve seen a major leap forward in the international community’s approach to development cooperation.”

“Financing will be the linchpin for the success of the new sustainable development agenda. By establishing a framework that seeks to harness private sector investment, we’ve seen a major leap forward in the international community’s approach to development cooperation,” said ICC Secretary General John Danilovich.

The Addis Ababa Action Agenda sets out a framework for action across a broad range of areas, including on the issue of how to enable trade as a driver of growth and development. Mr Danilovich added: “The Addis agreement must act as a catalyst for trade reforms in support of the world’s poorest. Implementing the World Trade Organization’s Trade Facilitation Agreement—which would reduce unnecessary red tape at borders—would enable entrepreneurs in developing markets to tap global supply chains for the first time. Urgent action is also needed to enhance the supply of trade finance to SMEs amid growing concerns over significant financing gaps in some developing markets.”

ICC led a business delegation of over 800 at this week’s conference. Click here to read ICC Secretary General John Danilovich’s letter to the Financial Times on enabling trade for development.

Follow ICC at the Third International Conference on Financing for Development on Twitter at @iccwbo and #FFD3

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  • Dawn CHARDONNAL
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  • Head, Media Relations and Web