Inclusive & Local Finance
Inclusive Finance
Financial inclusion is universal access, at a reasonable cost, to a wide range of financial services, provided by a variety of sound and sustainable institutions. Inclusive finance strives to enhance access to financial services for both individuals and micro-, small and medium-sized enterprises. In developing countries, access to financial services is crucial to strengthen financial sectors and domestic resource mobilization and can therefore make a significant contribution to social and economic development.
The Financing for Development Office works with the Special Advocate for Inclusive Finance for Development (UNSGSA), Her Majesty Queen Máxima of the Netherlands,and her staff, as well as other agencies, to highlight the importance of financial inclusion within the context of the Financing for Development process.
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Local Finance
The Addis Ababa Action Agenda (AAAA), adopted at the Third International Conference on Financing for Development (Addis Ababa, 13-16 July 2015), recognizes that “expenditures and investments in sustainable development are being devolved to the sub-national level, which often lack adequate technical and technological capacity, financing and support” (para 34) and calls for greater international cooperation “to strengthen capacities of municipalities and other local authorities”. The commitment in the AAAA to strengthen subnational finance is particularly relevant in the context of Goal 11 of the 2030 Sustainable Development Agenda which sets out to “make cities and human settlements inclusive, safe, resilient and sustainable”.
The Financing for Development Office works closely with UNCDF to promote international cooperation on municipal finance through knowledge sharing among stakeholders in local sustainable development and subnational finance.
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