Statement: ECOSOC FfD Forum
Statement by Ms. Þórarinna Söebech,
Deputy Director General for International Development Cooperation,
Ministry for Foreign Affairs in Iceland
ECOSOC FFD Forum
29 April, 2025
Thank you Chair,
As progress towards the SDGs is off track and with ODA under pressure in many countries, it´s clear that we need innovative ways to address financing challenges in order to move the needle on meeting development needs and enabling climate action.
To this end, the World Bank Evolution process is commendable, and the Bank is well-equipped to deliver on many of the key issues of Financing for Development. We would like to highlight three of these.
First, in addition to its innovative efforts to increase its lending, the Bank plays an important role as a mobilizer of private capital. In the context of shrinking ODA, every dollar must have a catalyzing effect, and the horizontal nature of the Bank is conducive to exacting this change. Moving forward, this emphasis will only become more salient.
Second, gender equality is a precondition for economic development and the protection of human rights is vital for peaceful societies that leave no one behind. With its new Gender Strategy, the Bank has taken an important step to lead on the issue. Economic potential is not fully realized unless the entire population is empowered.
Third, enhanced domestic resource mobilization through progressive, pro-poor fiscal systems, strong debt management and sound regulatory environments, are important not only for increasing the resilience of economies, but also for creating favorable investment conditions. In this regard, the Bank’s role as a provider of technical assistance is vital to make debt a strong tool for development.
In closing, it is our joint responsibility to ensure that the World Bank remains a constructive partner for developing countries, recognizing that grant funding remains an important aspect of the Bank´s financial model.
Thank you.