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18h ago

Seville Summit Adopts Commitment to Bridge $4 Trillion Development Finance Gap

Delegates aim to revive stalled 2030 goals by tripling development bank lending alongside sweeping tax reforms, debt relief measures

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FILE - The United Nations flag flies on a stormy day at the U.N. during the United Nations General Assembly, Sept. 22, 2022. (AP Photo/Ted Shaffrey, File)
People take part in a march demanding a UN-led framework for sovereign debt resolution, on the eve of the 4th International Conference on Financing for Development, in Seville, Spain, June 29, 2025. REUTERS/Claudia Greco
People take part in a march demanding a UN-led framework for sovereign debt resolution, on the eve of the 4th International Conference on Financing for Development, in Seville, Spain, June 29, 2025. REUTERS/Claudia Greco

Overview

  • More than 50 heads of state and 4,000 delegates gathered in Seville on June 30 to tackle a $4 trillion annual shortfall threatening the UN’s Sustainable Development Goals.
  • The United States withdrew after rejecting the June 17 outcome document, highlighting strains in multilateral cooperation on development aid.
  • The draft Seville Commitment calls for tripling lending by multilateral development banks to boost funding for health, education and social spending.
  • UN Secretary-General António Guterres warned that two-thirds of SDG targets are lagging and urged an urgent surge in global investment.
  • Delegates highlighted that least developed countries’ external debt has more than tripled in 15 years and billions now spend more on interest payments than on health