The report, meaningfully entitled “Investing in Sustainable Development”, addresses and monitors EU’s implementation of the Addis Ababa Action Agenda (the framework agreed globally in 2015 on Financing for Development). This is the first edition of the report since 2015, and it encompasses data gathered from all EU Member States as well as the EU institutions, across the seven action areas of the AAAA.
Several CONCORD Hub 2 members are currently in New York to participate in the Financing for Development Forum and yesterday attended the high-level event organised by the European Commission to present EU’s contribution to implementing the ambitious Financing for Development Agenda. Below are some initial reactions to the report, by CONCORD members on-site in New York.
While presenting the main outcomes of the report, the EU Commissioner, Neven Mimica, highlighted 2 important elements: The recent EU Consensus on Development, guiding framework for the EU engagement on development cooperation and the role of the EU as the major donor block.
This sums up the dilemma of EU development policy which also affects many areas of development finance. Also within development cooperation, increasing attention is put on investments for the private sector or trade policies that continues to focus on the interests of the EU. The newly released report doubtfully claims in several places that new EU instruments, like. the use of ODA to mobilise private investment, actually contribute to the trade and industrialisation strategies defined by African governments themselves.
Furthermore, the report underlines the importance of the EU as the largest donor of development finance: EU Member States contribute with more than 75 billion euro to the half of global ODA. However, this is still well below what is on the table as a promise: the rich countries’ target of dedicating 0.7% of Gross National Income to ODA is currently achieved only by four countries within the EU.