The United Nations’ fourth International Conference on Financing for Development (FFD4) provides a unique opportunity to reform financing at all levels. It brings together governments and international organizations, as well as financial institutions, businesses and civil society to address financing needs for the Sustainable Development Goals (SDGs). FFD4 takes place in Sevilla, Spain from June 30 to July 3.
Syria’s vision for Economic Recovery
Syrian Minister of Economy and Industry, Dr. Muhammad al-Shaar, participated in FFD4, with high-level participation from leaders of countries, international institutions, and economic experts from around the world.
Shaar presented Syria’s Vision 2035 for economic recovery and sustainable development, emphasizing that Syria is working to create an attractive investment environment by developing legislation, stimulating productive sectors, and enhancing partnerships with the local and international private sector.
He noted that the upcoming phase requires a more just and inclusive international financial system that takes into account the challenges faced by countries seeking to rebuild their economies after years of crises, calling for these countries to be empowered to access concessional financing and alleviate debt burdens.
The minister also held several bilateral meetings on the sidelines of the conference with representatives from international financial and development institutions, discussing opportunities for cooperation in the fields of energy, agriculture, infrastructure, and manufacturing industries.
Positives of Syria’s Participation in FFD4
Syria can improve its image as an investment destination, through a strong presentation at FFD4, potentially attracting both domestic and foreign investors interested in contributing to reconstruction and development efforts. Syria’s presence at FFD4 can help bring attention to the ongoing challenges it faces, potentially leading to increased international support and advocacy for humanitarian and developmental assistance.
The conference aims to adopt a political document, the “Seville Commitment,” which includes extensive reforms in the global development financing structure, including debt restructuring, reforming international tax systems, and stimulating investment through sustainable development goals, amid estimates that the global development financing gap amounts to approximately $4 trillion annually. Syria’s involvement in FFD4 can be instrumental in advancing its development agenda, attracting support, and fostering a collaborative environment for reconstruction and growth.
