illicit flows

Exploring Digital Finance’s Real Promises and Challenges for Development

Exploring Digital Finance’s Real Promises and Challenges for Development

Join the NGO Committee on Financing for Development on Wednesday, 27 April 2022, 8:00 a.m. – 9:30 a.m. EDT for this official side event to the 2022 ECOSOC Financing for Development Forum.

Register here: https://us02web.zoom.us/meeting/register/tZ0qc-6orjsuGdFhyWHfljp7ZNxV526Onoc7

Speakers:

  • Ms. Cina Lawson, Minister of Digital Economy and Transformation of the Republic of Togo (TBC)
  • Dr. Purva Khera, Economist, International Monetary Fund
  • Mr. Johannes Ehrentraud, Senior Advisor, Financial Stability Institute, Bank for International Settlements
  • Ms. Sofie Blakstad, CEO of hiveonline and author of Fintech Revolution: Universal Inclusion in the New Financial Ecosystem
  • Ms. Anneleen Vos, Seionr Economic Policy Officer, International Rescue Committee
  • Mr. Prabhat Labh, CEO, Grameen Foundation India
  • Ms. Mercy Buku, Program Leader, Toronto Center

Moderator: Mx. Anita Thomas, Chair, NGO Committee on FfD, Representative to the UN, Women First International Fund

Co-sponsors: ManUp Campaign, Change Management Solutions, Sisters of Charity Foundation, African Development Interchange Network, IBVM

Background:

The UN Secretary General’s task force on digital finance in its report titled “People’s Money: Harnessing Digitalization to Finance a Sustainable Future,” spells out the transformational impact digital finance can have on sustainable development. Providing relief for millions around the world, supporting businesses, and protecting jobs and livelihoods, digital finance served as a lifeline during the COVID-19 pandemic. A World Bank tally of policy responses to the pandemic finds that at least 58 governments in developing countries used digital payments to deliver COVID-19 relief, of which 36 countries made payments into fully transactional accounts that were being used for saving beyond simply withdrawing cash. According to the GSMA, international remittances processed via mobile money increased by 65 percent in 2020.

Proponents of digital finance highlight its strong capabilities to reduce transaction costs, the potential of Artificial Intelligence to provide fair and equitable treatment of credit applicants, and the scalability of cloud technology, through the use of blockchain technology, to allow consumers to transact remotely and seamlessly across multiple platforms.

While the experience of COVID-19 has proven that digitalization can transform economies and lives, it needs to be shaped with both its advantages and potential risks in mind in order to bring everyone into the digital age. For technology to benefit everyone, private sector innovation must be supported by the appropriate public goods such as the public provision of foundational infrastructure, access to electricity, mobile and internet coverage.

As in the case of any disruptive technology, without combining technological advances with sound policy measures, digital technology cannot deliver on its potential to meaningfully advance financial inclusion for everyone, including the more than 2 billion unbanked people globally. Delivering on promises to advance financial inclusion can only be considered meaningful when the account holder has a fully functional account that they utilize to save, make payments, obtain manageable credit, and mitigate economic risks and is simply not utilized to withdraw cash from cash transfers from the government, which is overwhelmingly the case at this time.

By examining successful strategies that maximize digital finance’s potential while minimizing risks to the financial sector, government revenues, and at-risk populations, attendees will gain a better understanding of how digital finance can sustainably advance development objectives.

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CoNGO Notes: The NGO Committee on Financing for Development is a Substantive Committee of the Conference of NGOs in Consultative Relationship with the United Nations.

2021 SDG Investment Fair

You are invited to the United Nations SDG Investment Fair, 14-15 December 2021.

The SDG Investment Fair brings together top institutional investors with sustainable development projects in developing countries. Out of a pool of applicants, 3 countries are chosen to present their projects as investors of all sizes scout for lucrative investment opportunities across Asia, Africa, and Latin America that advance the United Nations Sustainable Development Goals (SDGs). In September, the Fair was held virtually with Pakistan, Rwanda, and Dominican Republic showcasing their sustainable development projects in manufacturing, infrastructure, and agri-business. The Fair returns this December amidst growing demand for a dedicated space to connect investors with impactful business opportunities. The finalists taking stage at the December fair are Ukraine, Morocco, and Namibia. As the pandemic restrictions begin to lift, the SDG Investment Fair in December 2021 will offer both in-person and virtual spaces for networking, pitches of projects, investor exchanges, knowledge sharing, and informational sessions. The Fair will feature:

  • Presentations of investment opportunities in SDG projects
  • Expert panel discussion on leveraging Public Development Banks to drive financing for the SDGs
  • Informational session on available resources on SDG investments from within the UN ecosystem
  • Direct interaction between countries and investors

To register, please click here or visit our website for more information, including a detailed agenda. Best regards,The SDG Investment Fair team

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CoNGO Notes: For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com.

[workshop] Friends of Governance for Sustainable Development

The next workshop for the Friends of Governance for Sustainable Development will be on the 15th of December 9am to 1pm (EDT). This workshop will have three sessions.Register here: https://us02web.zoom.us/webinar/register/WN_cKvlWSRiSTi0c5SNXgBWYg Session 1: Marine Litter and Plastic Pollution at UNEA-5.2, with the aim of achieving a new Global AgreementSession 2:: Strengthen Environment Governance and Law (formerly The Global Pact on the Environment)Session 3: Glasgow Climate Summit COP 26 outcomes – where are we?Presenters and Respondents will include:

  • Liz Thompson, Ambassador Extraordinary and Plenipotentiary with responsibility for Climate Change, Small Island Developing States and Law of the Sea
  • Mr. Sérgio Carvalho Counsellor Permanent Mission of Portugal
  • Yunus Arikan, Director of Global Advocacy ICLEI World Secretariat
  • Craig Jones, Executive Director, Government & Corporate Affairs, General Electric (GE)
  • Layalee Ramahi North America Network Coordinator United Nations Environment Programme Finance Initiative (UNEP FI)
  • Alberto Quesada Policy Advocacy Advisor Technical expert on single-use plastics and marine litter, Fundacion MarViva
  • Dr. Michael Dorsey, Club of Rome and Limited Partner at Ibersun
  • Prof. Felix Dodds, Water Institute UNC

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CoNGO Notes: For more information on the NGO Committee on the Rights of Indigenous Peoples, please visit facebook.com/NGOCoRIP. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com. 

NGO Committee on Financing for Development monthly meeting

Dear NGO Committee on FfD members & interested NGO colleagues,

The next  NGO Committee on Financing for Development meeting will take place by Zoom on December 8 from 1:00 – 3:00 pm EST.  The agenda and minutes of the meeting are posted to the meeting folder, which can be accessed here. Additional documents will be posted over the weekend. Kindly review the documents before the meeting. 
The Zoom invitation is included below. After registering, you will receive a confirmation email containing information about joining the meeting.
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CoNGO Notes: The NGO Committee on Financing for Development is a Substantive Committee of the Conference of NGOs in Consultative Relationship with the United Nations. Likewise, for more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com.

Civil Society Prep Meeting for the 9th Conference of the States Parties to the UNCAC (COSP9)

Dear Civil Society Representatives, 

Since you have been invited to participate as an observer in the ninth session of the Conference of the States Parties to the United Nations Convention against Corruption (COSP9 UNCAC), which will be held in Sharm El Sheikh, Egypt, from 13 to 17 December 2021, we would like to inform you that on 12 December 2021, UNODC and the UNCAC Coalition will carry out a CSO Preparatory session and we would like to invite you to participate.

Civil Society Preparatory Meeting 9th Conference of the States Parties to the UNCAC (COSP 9)

Opening:

  • Mathias Huter, Managing Director, UNCAC Coalition
  • Member of the Bureau (TBC)
  • John Brandolino, Director, Division for Treaty Affairs, UNODC (TBC)

UNODC Session: Briefing on COSP & Explaining the role of CSOs at the Conference

Moderator: Mirella Dummar Frahi, Chief, Civil Society Unit, UNODC

Speakers:

  • Brigitte Strobel-Shaw, Chief, Corruption and Economic Crime Branch (CEB), UNODC
  • Livia Krings, Crime Prevention and Criminal Justice Officer, CEB, UNODC

UNCAC Coalition Session: Coordinating civil society advocacy and messaging at the Conference

Moderator: UNCAC Coalition representative

  • Overview of on-site CSO activitiesLightning talks on priority topics: Preventive measures
  • Beneficial ownership transparency
  • Asset recovery
  • Civic space & improved UNCAC review mechanism
  • Follow-up to the UN General Assembly Special Session (UNGASS) on corruption
  • Other issues (identified by participants, dependent on proposed resolutions

Register here: indico.un.org/event/1000235

*An official letter indicating the names of the persons constituting your organization’s delegation, including individual email addresses, must be uploaded to the INDICO system, together with the mandatory details for each participant (name, title, individual email address, photo, in-person or online participation and copy of passport). Registration requests will be approved by the secretariat only after being cross-checked against the official letter of the organisation, uploaded to INDICO. In line with requirements by the Host Country, participants are requested to complete the registration process as early as possible before the Conference and not later than 12 November 2021.

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CoNGO Notes: For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com. For more information on the NGO Committee on the Rights of Indigenous Peoples, please visit facebook.com/NGOCoRIP. 

Revisiting Financing for Development

In preparing to mark the 20th  anniversary of the first United Nations International Conference on Financing for Development held in Monterrey, Mexico in March 2002, a process that promised so much, it is only prudent to reflect on the history of the Financing for Development (FfD) processes, especially considering the negative impact of the COVID-19 pandemic on efforts to curb the widening of the gap between the rich and poor, both within and among countries. During these trying times, the poor and the most vulnerable are left at the mercy of ineffective regional and global policies. We are also witnessing the erosion of personal freedoms, even within the so-called bastions of democracy. Individual and corporate greed seems to be dictating the direction of these financial policies.

In light of the pandemic and a looming global recession, the UN Secretary-General Antonio Guterres sounded the alarm: “We must act quickly and decisively to protect people and strengthen societies in the face of this shock, which comes on top of a global climate emergency, soaring inequality and growing discontent with the economic and social order in general.”

The premise of the FfD process has been to eradicate poverty, achieve sustained economic growth and promote sustainable development in an inclusive and equitable global economic system. There needs to be a systemic transformation of the global financial architecture and global division of labor towards achieving a just, green, equitable and gender-sensitive recovery in the current and post-COVID-19 scenario.

Financial regulations that turn a blind eye toward tax-havens are indicators of the extent to which the privatization of wealth has generated today’s culture of shortsightedness. Morality is not arbitrary. The well-being of our planet and its 7.5 billion human inhabitants require a readjustment of perspective that justly distributes wealth, recognizing that shared prosperity sustains life.

As civil society organizations, we have the moral obligation, the responsibility and needed insights, and opportunities to join in advocating to change this narrative. This moment calls for a greater vision of the world that ought to be, than the empty promises of our current global social compact.  This is the time to join forces to remove the malignant growth of addiction to individual/private gain/profit and promote communal gains and wellbeing by advocating for financial structures that support collaboration, transparency, and accountability.

We, as civil society, have the ability and insight to change the narrative. Let us start by reviewing our individual and collective roles and the prospects of the FfD process to invigorate our plan of action to bring about the change for which we have been clamoring.

Register here!

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CoNGO Notes: For more information on the NGO Committee on Financing for Development, an official Substantive Committee of the Conference of NGOs in Consultative Relationship with the United Nations, please visit ngosonffd.org. Likewise, for more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com. 

Episcopal Church Climate Advocacy at the UN: COP26 Kick-Off with Bishop’s Delegation

Dear UN faith-based and civil society partners in climate action at COP26,

You are warmly invited to “Episcopal Church Climate Advocacy at the UN: COP26 Kick-Off with the Presiding Bishop’s Delegation,” this Thursday, October 28th, 1 – 2:30 pm Eastern, as well as our subsequent events on November 6th and 12th.

Find all the information here: The Episcopal Church’s presence at COP26.

Kind regards,

Lynnaia Main |  OFFICER, EPISCOPAL CHURCH REPRESENTATIVE TO THE UNITED NATIONS  | Mission | The Episcopal Church

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CoNGO Notes: For more information on the Committee of Religious NGOs at the United Nations, please visit rngos.wordpress.com. For more information on the NGO Committee on the Rights of Indigenous Peoples, please visit facebook.com/NGOCoRIP. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. 

The global debt crisis and the role of private creditors

Sharing responsibilities as well as benefits? The global debt crisis and the role of private creditors

The results of the G20 initiatives to relieve the debt of the Global South, which has been hard hit economically by the pandemic, are sobering. Many eligible countries are reluctant to enter into negotiations. They fear that debt relief will cut off their long-term access to private capital markets and cause them to lose the confidence of private investors. These concerns have been reinforced by creditors, especially from the private sector. And the G20? Despite its commitment to private sector participation in the Common Framework for Debt Treatments, it has so far not found the political will to make such participation mandatory. However, this would be a key step to shield debtor countries from uncooperative creditors and achieve substantial debt relief.

In the run-up to the joint meeting of G20 health and finance ministers this October we have invited international experts from academia, government, and financial institutions to discuss the following questions among others:

  • Is there empirical evidence that debt relief excludes countries from much-needed development finance?
  • On what grounds could the participation from the private sector in official debt relief initiatives, comparable to other creditors, be expected?
  • In what ways can the G20 compel private sector participation and equal burden-sharing?

Further event details will be forthcoming, but please stay apprised of updates here: https://ny.fes.de/

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CoNGO Notes: For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com. For more information on the NGO Committee on Sustainable Development-New York, please visit ngocsd-ny.org.

Public dialogue on the progress of the Inter-agency Task Force on Financing for Development

Dear colleagues,

You are cordially invited to an informal public dialogue on the progress of the Inter-agency Task Force on Financing for Development (IATF on FFD), in preparation for the 2022 Financing for Sustainable Development Report. The public dialogue will be held on the 21st of October (Thursday), 9:00 – 10:30 EDT, virtually via MS Teams.

Representatives from the Secretariat, the five major institutional stakeholders (World Bank Group, IMF, WTO, UNCTAD and UNDP), and other Task Force members will brief Member States and external stakeholders on their work. A short presentation will be followed by an interactive discussion to solicit feedback and input. We welcome the participation of all delegations and all stakeholders in this briefing and look forward to your contributions to the dialogue.

If you are interested in attending the briefing, please click here to register and you will receive a specific calendar invitation for the event.

Background information on the briefing is available on the Task Force website. For further information please contact Mr. Peter Chowla (chowla@un.org), Ms. Poh Lynn Ng (ng6@un.org), and Ms. Jie Wei (weij@un.org).

Kind regards,

Navid Hanif

Director, Financing for Sustainable Development Office, Department of Economic and Social Affairs, United Nations

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CoNGO Notes: For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com.

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