Agreement reached on financing new development agenda

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Secretary-General Ban Ki-moon (left) addresses a press conference before departing from Addis Ababa, after attending the Third International Conference on Financing for Development. UN Photo/Eskinder Debebe

The international community has agreed to what is being described as a "series of bold measures to overhaul global finance" to support a new sustainable development agenda.

The deal was reached on Wednesday by the 193 UN Member States attending the Conference on Financing for Development, being held in Addis Ababa.

Daniel Dickinson reports

The United Nations says the agreement took months of negotiations.

Known as the Addis Ababa Action Agenda, it provides a foundation for implementing the global sustainable development agenda that world leaders are expected to adopt this September.

The ultimate goal is to foster economic prosperity across the world amongst the poor and the rich while protecting the environment.

The UN Secretary-General Ban Ki-moon said the agreement is a critical step in building a sustainable future for all people.

He hailed what he called "a revitalized global partnership."

The Agenda includes a range of different finance initiatives.

Financing is considered the linchpin for the success of the new sustainable development goals.

Daniel Dickinson, United Nations

Duration: 47"

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