How can the private sector have the greatest impact on financing development? The urgency for accountability, regulations and impact assessment.
CSO FfD Group Side Event at the Third FfD Conference in Addis Ababa
Tuesday, 14 July 2015, 15:30-18:00 – Elilly Hotel, Mars Room
Private finance and business activities are being promoted as major sources of development financing, but little is known of FDI or portfolio flows and their sustainable development impact. With a greater role comes also a sense of accountability and impacts assessments as poorly regulated private finance and business activities can lead to increased inequality, adverse impact for the poorest, especially women and the most vulnerable people. Additionally, private sector companies are also benefiting from development cooperation funds, but assessments of publicly-backed private finance have shown the lack of impact beyond profit. Indeed in both areas there is an urgent need for international regulation, accountability frameworks and impacts assessments linked to human rights frameworks and sustainable development principles.
This session will promote an open discussion among civil society organisations from Southern and Northern countries, government representatives, and private sector actors with the objective of: a) Raising awareness of the implications of the current trend with regards to the increasing role of private finance and business activities in development financing, and b) Providing inputs and strengthening initiatives of like-minded governments in the follow of the Addis Ababa Conference on Financing for Development.
The event will be opened by a representative of the Addis CSO Coordination Group, followed by a panel discussion to address the following two questions: 1) What are the costs and benefits of private finance modalities, including blended finance and public-private partnerships and what is the key distinction in roles that public and private finance can play in financing sustainable development?; 2) How should the human rights framework be aligned with the rules and accountability measures for private sector companies and investors?
3.30 – 3.45: Welcome by Desire Assogbavi, Head of Office, Oxfam International liaison office with the African Union
3.45 – 5.30: Panel, moderated by Soren Ambrose, Action Aid International, Head of Policy, Advocacy & Research
a. Civil Society representatives: Fanwell Bokosi, Director, AFRODAD, Rosa Pavanelli, Public Service International (PSI) General Secretary,
b. Benjamin Schachter – UN Office for High Commissioner for Human Rights (UNOCHR)
c. Government representatives: Sweden (tbc), Ireland (tbc), Ecuador (tbc), Indonesia (tbc), Tanzania (tbc), Brazil (tbc)
d. Business sector: Steve Waygood (AVIVA Investment Partners), tentative
5.45 – 6.00: Closing words (tbc)
Please register by sending an email to Matti Kohonen MKohonen@christian-aid.org
This event is organized by the Addis Ababa CSO Coordinating Group and the Women Working Group on FfD, on behalf of the CSO FfD Group. Facilitating organizations are led Act Alliance, ActionAid, Bread for the World, Christian Aid, Latindadd, EURODAD, Oxfam, Public Services International, Society for International Development, Third World Network, World Wide Fund for Nature.