Seville, 6 July 2025 (ECA) - At the Fourth International Conference on Financing for Development (FfD4), African countries made a strong case for overhauling the global financial system to reflect current development realities and risks.
Held in Seville, Spain, the conference ended with the adoption of a 38-page outcome document, the “Seville Commitment,” outlining voluntary steps to improve access to finance and align investment with the Sustainable
African delegates placed strong emphasis on key priorities such as debt relief, access to concessional finance, climate funding, and private capital mobilization.
“For Africa, this is not a theoretical discussion. It’s a matter of survival, transformation, and sovereignty over our development trajectory,” said Claver Gatete, UN Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA).
Persistent gaps despite progress
The continent needs an estimated $1.3 trillion annually to meet the Sustainable Development Goals (SDGs). Yet high borrowing costs, limited concessional financing, and risk-averse investment patterns continue to constrain progress on the SDGs, AfCFTA implementation, and Agenda 2063.
Only two African countries are rated investment grade, despite a pipeline of viable projects across energy, transport, agriculture, and digital infrastructure.
Most face high debt servicing costs, with many middle-income countries caught in a policy bind: no longer eligible for concessional loans but still carrying deep social and structural vulnerabilities.
ECA has called for reforms to reflect these realities, including changes to how countries qualify for concessional finance, the creation of an African credit rating agency, and the use of tools like the Multidimensional Vulnerability Index to better assess risk and access needs.
“GDP alone no longer reflects the complexity of people’s lives,” Mr Gatete noted. “We must develop and mainstream indicators that capture vulnerability, resilience, and inequality so that eligibility is based on needs, not just numbers.”
A shift in approach to private finance
One of the most prominent announcements from Africa’s delegation was the launch of the Platform for Action on Private Investment Mobilization, a collaborative initiative involving ECA, Convergence Blended Finance, the OECD-DAC, and other partners.
Designed to attract more private capital through blended finance, the platform aims to align investment flows with national and regional priorities such as trade corridors, industrial zones, and renewable energy infrastructure.
“We are not proposing another list of projects. We are proposing a coordinated, African-led mechanism to shift capital to where it’s most needed,” Mr Gatete said.
Africa’s investment potential is real and growing. With the AfCFTA creating a $3.4 trillion economic bloc spanning 1.5 billion people, and a steady pipeline of bankable projects across sectors, ECA argues that the missing link is not opportunity, but perception.
Mr Gatete emphasized that Africa does not lack investable projects. It lacks capital. He deplored the fact that “outdated risk models and skewed credit ratings continue to push capital away from the continent, despite reforms and opportunities on the ground.”
ECA underscored that de-risking tools and improved financial architecture are essential to attract long-term private investment and foreign direct investment (FDI) at scale.
Debt, data, and a new follow-up framework
Several African countries also pushed for updates to sovereign debt frameworks, calling for faster and fairer restructuring mechanisms that include private creditors and middle-income countries.
ECA advocated for debt-for-climate swaps, transition bonds, and better integration of sustainability into debt sustainability analyses.
The Seville outcome document supports some of these ideas, encouraging regular reviews, improved debt transparency, and an expanded use of Special Drawing Rights (SDRs). It also acknowledges the need for a more inclusive financial architecture.
To monitor implementation, Mr Gatete proposed the creation of an Integrated FfD Follow-up System, with regional observatories and country-level coordination units. In Africa, this would be co-led by the African Union Commission, ECA, and the African Development Bank.
“Without mechanisms to track what we finance, and how, we risk eroding credibility,” Mr Gatete warned. “Accountability systems must be grounded in data and driven by national priorities.”
The Seville Commitment also affirms the role of UN Regional Economic Commissions, including ECA, in leading regional follow-up, coordinating consultations, and reporting on implementation progress.
Looking ahead
While the FfD4 outcome sets a policy direction, implementation will require coordination among international partners and stronger national institutions. The Seville Commitment also affirms the role of UN Regional Economic Commissions, including ECA, in leading regional follow-up, coordinating consultations, and reporting on implementation progress.
ECA’s Executive Secretary affirmed the Commission’s readiness to continue supporting Member States with technical assistance, data tools, and convening platforms.
“The real test of Seville will not be what we declared in this room, but what we implement beyond it,” Mr Gatete concluded.
Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org