2023 ECOSOC Financing for Development Forum
Tuesday, 18 April 2023
Statement delivered by Amb. Gianluca Greco, Deputy Permanent Representative of Italy
Italy aligns itself with the statement delivered by the European Union.
We meet at a challenging time when global sustainable development prospects continue to diverge. The most vulnerable being hit the hardest by the multiple crises, more resources are necessary so as to leave no one behind.
This FfD Forum is particularly important also in view of the September SDGs Summit and High-Level Meeting on Financing for Development. The 2023 UN Food Systems Stocktaking Moment in Rome will be another important opportunity to discuss food security and related issues, essential to implement the 2030 Agenda.
The needs of low- and middle-income countries require new and innovative financial solutions, entailing private capital flows. Special attention is also needed to address the vulnerability of SIDs especially against the climate change emergency. Over the years Italy has financed programs in these countries in the field of sustainable development and is also allocating financial contribution for a successful outcome of the 2024 SIDS Conference.
On climate finance, following an overall 7 billion dollars pledge in 5 years, Italy also launched a Climate Fund with an overall capacity of 840 million euros each year up to 2026, to promote climate action particularly in low-income countries.
This year, Italy has also financed the Joint SDG Fund, with USD 3 million.
The increasing fragmentation in the international financial architecture calls for a strategic reflection. We encourage solutions for MDBs working as a system, in tandem with partnerships and a better use of other existing financial tools.
Under our G20 Presidency, we launched the only mutually beneficial solution we have: the Capital Adequacy Framework review, to free up significant additional lending. We kept our pledge of re-channeling 20% of our SDRs, in favor of vulnerable countries.
We appreciate that an entire panel of this Forum is dedicated to Integrated National Financing Frameworks. We are proud of financing the INFFs Facility, which we contributed to launch and hope other countries will join to help more than 80 developing countries to channel critical investment to the SDGs.
Thank you for your attention.