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Innovative development financing

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Friday, 01 July 2011

Innovative development financing

At the occasion of the 9th session of the leading group on innovative financing which took place in Bamako on 25 June 2011 and in which the French development minister Henri de Raincourt participated, eight pioneer states from the African continent signed the declaration on innovative financing for development. Mali, Benin, Burkina Faso, Congo, Guinea, Mauritania, Senegal and Togo joined the community of states looking for new ways of financing for international solidarity and development of the poorest countries in addition to official development aid. The declaration had already been signed by Belgium, Spain, Norway, Brazil, Japan and France in September 2010 in New York. It speaks out in favour of a financial transaction tax that would benefit development. By signing the declaration, the eight African states also challenge the G20 countries to declare themselves in favour of a financial transaction tax. France also welcomed an announcement by Guinea during the pilot group session that it had established a tax on flight tickets. Innovative means of financing have been made a priority of the G20 in Cannes. They represent an efficient solution to raise new stable and predictable funds and allow governments to respond to urgent issues with regard to reduction of poverty, access to health, education and nutrition, construction of infrastructures and job creation as well as environmental protection. So far, innovative means of financing have been able to raise 6 billion dollars, save 6 million lives and vaccinate 260 million children.

Source: French Ministry for Foreign Affairs