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Press Releases, 1/28/2013 | Ministry for Foreign Affairs of Finland

New financial mechanisms for development discussed in Helsinki

Press release 26/2013

The high-level conference of the international Leading Group of Innovative Financing for Development will be held in Helsinki on 6 February. Finland holds the presidency of the Group which aims to increase awareness of new financing mechanisms for development and different financing models, and to promote their introduction.

In the conference, the participants will discuss tax havens and illicit financial flows and make efforts to promote global action against these. These issues are among the targets of the Finnish Presidency. In addition, a report drawn up by a high-level expert committee on innovative financing for agriculture, food security and nutrition will be published in connection with the conference. The report proposes measures for improving access to financing to ensure food security through private sector investments and for developing sustainable and inclusive financial mechanisms.

The themes of the meeting in Helsinki also include conceptualising innovative financing and different financial mechanisms and the relation of their profitability to official development assistance (ODA). Evaluation and assessment of innovative financial mechanisms as regards to their transparency and allocation efficiency and effectiveness are also on the agenda.

The conference will be opened by Minister for International Development Heidi Hautala and Minister-Delegate in charge of Development of France Pascal Canfin, in whose ministry the Group’s international secretariat operates. The Finnish Ministry of Finance, with which the Ministry for Foreign Affairs manages the Finnish Presidency, will also participate in the event.

The meeting in Helsinki will enhance Finland's role as an advocate of effective allocation of development financing and new financing mechanisms for development. It will also lay foundations for the debate on future development goals beyond 2015 and the role of more extensive development financing in provision of financing for these.

The conference will be attended by ministerial-level guests from such countries as Nigeria, Mauritania, Côte d'Ivoire, the Republic of Congo and Guinea, and by several high-level representatives from international organisations and development financing institutions.

Additional information: Milma Kettunen, Press Attaché to the Minister for International Development, tel. +358 40 522 9869; and Pekka Hukka, Ambassador for Innovative Financing, tel. +358 9 1605 6033

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Updated 1/28/2013

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