Ajay Banga addresses global development challenges at United Nations conference

The 4th International Conference on Financing for Development (FFD4) commenced in Sevilla, Spain, on June 30, 2025, with a focus on reforming global financial systems to promote sustainable development. The meeting began with a call for action, emphasizing the need for a fair financial system that addresses climate change and social justice.

The opening remarks highlighted the importance of multilateralism in delivering effective solutions to current global challenges. Participants were urged to mobilize all sources of finance to support sustainable development initiatives. The speaker stressed that while the task may seem daunting, it is achievable through collective effort and political will.

A poignant reference was made to Canadian poet Leonard Cohen, who reminded attendees to embrace imperfections and seek opportunities for improvement. The message underscored the necessity of seizing the moment to recommit to actions that foster positive change.

Following the opening address, Ajay Banga, President of the World Bank Group, took the stage. He acknowledged the critical juncture in development, citing ongoing issues such as poverty, conflict, and rising debt. Banga emphasized the need to integrate climate resilience into development strategies, setting the tone for further discussions on addressing these pressing challenges.

The conference aims to foster collaboration among nations and institutions to create a financial framework that supports sustainable growth and equitable development. As the event progresses, participants will explore actionable strategies to enhance global financial systems and address the urgent needs of vulnerable populations.