ICC’s Permanent Representative to the United Nations in New York, Louise Kantrow, led a business delegation of more than 200 private sector leaders to the United Nations Follow-up Conference on Financing for Development (FfD) held in Doha, Qatar from 29 November to 2 December. 

The conference was the first global meeting of heads of state, ministers, financial institutions, WTO representatives, and other stakeholders on the financial crisis since the G20 met in Washington on 15 November.

Ms Kantrow  led the business delegation in her capacity as  chair of the Business Sector Steering Committee.  The delegation included representatives from every region of the world and from the full range of business sectors.  

In her statement to the Opening Plenary of the conference, Ms Kantrow re-affirmed the private sector’s commitments to the Monterrey Consensus:  “Given the enormity of the financial crisis facing political and business leaders, a successful Doha Outcome Document is critical. We need to forge the political consensus and partnership for dealing with the crisis, and set the framework for long-term FfD Follow-up. As we face unchartered waters and adversity, we need to show the world and its citizens that its political leaders can work together in addressing the most challenging financial crisis of our time.”

The Business Sector Steering Committee was set up by the UN Financing for Development Office to coordinate private-sector inputs to the FfD processes and to organize a major pre-conference event, the second International Business Forum on Financing for Development, held on 28 November. The Forum, whose theme was “The Impact of the Financial Crisis and Proposed Roadmaps: Mobilizing Private Sector Resources for Development”, attracted participants from the private sector, country delegations, and international financial institutions. 

The Forum set forth specific proposals and open discussion on the current financial crisis, the ongoing challenges facing developing country governments and private sector companies in accessing long term affordable finance, and next steps for improving economic growth, job creation, environmental stewardship and poverty reduction. Four issue sessions provided actionable proposals followed by discussion on implementation options and possible next steps, defining the “FfD Roadmap” that we must implement over the short and long term. Particular attention was given to enhance national cooperation between government, business and civil society organizations, to address integrated solutions for the many challenges requiring urgent action. In addition, three “Financing for Development Tools” were launched for the use of developing country governments and development agencies to increase their ability to collaborate effectively with the private sector. Entrepreneurship, notably in the SME high finance sector, and trade were recognized as core drivers for development.

To read Ms Kantrow’s full statement to the Opening Plenary of the United Nations Follow-up Conference on Financing for Development, please  click here