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Summit for a new global financing pact : Finance in common (FiCS), key takeways

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H.E. Emmanuel Macron, President of France, together with H.E Cyril Ramaphosa, President of South Africa, H.E Gustavo Petro, President of Colombia, H.E Patrice Talon, President of Benin, H.E Miguel Díaz-Canel, President of Cuba and H.E Mohammed Al-Jadaan, Minister of Finance of the Kingdom of Saudi Arabia, met on the margins of the Summit for a New Global Financing Pact on 22 June 2023, gathered with chairpersons and representatives of Multilateral, Regional and National Public Development Banks (PDBs) and other stakeholders, members of the Finance in Common (FiCS) movement.

President Macron welcomed the spirit of partnership and cooperation of the Finance in Common initiative, which helps to avoid fragmentation, and serves as a platform to mobilize all PDBs and the private sector, for people 

and the planet.

During this special event on “Leveraging PDBs investments for the SDGs”, participants expressed their  willingness to step up their cooperation and work as a system, in the framework of the New Global Financing Pact Summit, to deliver the outcomes needed to help turn the SDGs into reality and mobilize the private sector. They set an ambition to innovate and expand their support to countries, consistent with their mandates and  governance frameworks, to contribute to the SDGs and to tackle global challenges including climate change.

As part of the new global financing pact, participants join forces and are ready to continue:

  • Improving the quality of their financing, working together in coordinating their activities, including on the SDGs, the objectives of the Paris Agreement and the Global Biodiversity Framework;
  • Doing more to address crises, protect the most vulnerable, invest in emerging and developing countries, work to preserve global public goods, fight against poverty and inequality, and increase resilience. This could notably build on contingent financing and clauses, subject to the approval of their governing bodies; 
  • Working as a system, reinforcing ties with other partners, including the Glasgow Financial Alliance for Net Zero (GFANZ), the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), One Planet Sovereign Wealth Funds (OPSWF), UN agencies and civil society to support the emergence of a global framework for sustainable investments.

Participants also welcomed:

  • The support of new signatories to the FiCS initial Joint Declaration published in November 2020: Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Inter-American Development Bank (IDB), New Development Bank (NDB) and the World Bank Group;
  • References from the OPSWF and the GFANZ–FiCS joint Declaration “For a new pact between public and private investors to increase investment in sustainable infrastructure in emerging markets and developing countries”.

Finance in Common now gathers all MDBs, all regional associations of PDBs members of the World Federation of Development Finance Institutions (WFDFI) and the members of the International Development Finance Club (IDFC), as well as key stakeholders (see here).

Members will reconvene at the 4th edition of the Finance in Common Summit in Cartagena, Colombia, from 4 to  6 September 2023, to advance efforts to build new alliances for the next generation of development financing,  as well as at the UN SDG Summit, COP28 and other global fora.