Innovative financing

 

During the 2002 Monterrey Conference, it was observed that the resources available for funding the Millennium Development Goals were insufficient and that additional efforts were required. This observation led to a "Declaration on Innovative Sources of Financing for Development" during the Millennium+5 Summit in September 2005 and to the organisation of a conference in Paris in February 2006; this conference led to the creation of the Pilot Group on Solidarity Contributions for Development, which later became the Pilot Group on Innovative Financing for Development. Belgium has been a member of this Pilot Group since 2006.

The predictability and stability of the innovative financing instruments means that they complement public development aid. They are closely linked to the idea of global public goods and also aim to correct the negative effects of globalisation. At the current time, this financing has already led to the mobilisation of at least six billion dollars in additional financing.