The Asia-Pacific High-Level Consultation on Financing for Development, organized by the UN Economic and Social Commission for Asia and the Pacific (ESCAP) and the Government of Indonesia, agreed on a regional action plan on financing for development (FfD), highlighting the potential of a regional capital market, better tax policies, and venture philanthropy to meet financing needs.
1 May 2015: The Asia-Pacific High-Level Consultation on Financing for Development, organized by the UN Economic and Social Commission for Asia and the Pacific (ESCAP) and the Government of Indonesia, agreed on a regional action plan on financing for development (FfD), highlighting the potential of a regional capital market, better tax policies, and venture philanthropy to meet financing needs.
The High-Level Consultation took place in Jakarta, Indonesia, from 29-30 April 2015, with over 200 delegates, including ministers and senior policy makers, business and civil society representatives, taking part from around 40 countries in the region. The Asian Development Bank (ADB), the Asian Development Bank Institute (ADBI) and the UN Development Programme (UNDP) supported the consultation, which followed on the June 2014 Asia-Pacific Outreach Meeting on Sustainable Development Financing, which also took place in Jakarta.
The action plan sets out development priorities in the region, including bridging inequalities, creating jobs and responding to the needs of countries in special circumstances, such as small island development States (SIDS). The action plan also proposes improving tax policies, collection and administration, and creating a regional tax forum. The plan proposes adopting harmonized regulations to facilitate securities trading within the region, as the basis for a future regional capital market. It highlights the possibility for the private sector to increase its investment in the areas of education, health and environmental protection, especially at the community level.
Bambang Brodjonegoro, Minister of Finance, Indonesia, welcomed the outcome of the consultation as a foundation for national, regional and international resource mobilization toward achieving the Sustainable Development Goals (SDGs).
The regional action plan also contributes to global discussions leading to the Third International Conference on Financing for Development (FfD 3) in Addis Ababa, Ethiopia, in July 2015. [ESCAP Press Release] [IISD RS Story on June 2014 Asia-Pacific Outreach Meeting on Sustainable Development Financing]