About

• The Financing for Development summit is a series of global conferences that brings together countries, international institutions and private sector actors to address financial challenges for achieving sustainable development. 
• So far, three conferences have been held, starting with the Monterrey Consensus in 2002 followed by the Doha Declaration in 2008 and the Addis Ababa Action Agenda in 2015. 
• Over the years, the discussions have covered the alignment of finance with Sustainable Development Goals (SDG), encouraging innovative mechanisms to boost development and address climate finance challenges. 
  • Despite the progress made, the global financial system has been slow to respond to environmental and social concerns. 
  • Major financing gaps have persisted through the years — a recent report emphasised a $4.2 trillion gap in development financing.

Why in the News?

• The Fourth International Conference on Financing for Development, set to be held between June-July, 2025, in Seville, Spain.