João Lourenço spoke at the 4th International Conference on Financing for Development, organized by the United Nations (UN), which began on Monday in Seville, Spain. He described it as a “crucial opportunity” to give a “decisive push” to initiatives aimed at finding “more agile and functional mechanisms to mobilize financial resources” to address the challenges faced by developing countries.
On Monday, the President of Angola, João Lourenço, called for the implementation of mechanisms to mobilize more resources for essential investments in Africa, including reforms to end the “unsustainable burden” of sovereign debt in developing nations. Addressing the conference in his capacity as acting President of the African Union, Lourenço pointed out that these challenges include “climate shocks,” price fluctuations, the “erosion of trust” in the multilateral system, and “above all, the unsustainable burden of sovereign debt,” which consumes more resources than those allocated to health and education combined in many developing countries, thus “drastically limiting” their ability to finance their own development.
Lourenço was speaking to an assembly representing more than 190 UN member states, which today formally adopted the “Seville Commitment” — a document intended to serve as the foundation for a new architecture of international cooperation and development financing. According to the UN, there is a global annual development financing gap of $4 trillion.
The Angolan President emphasized the urgent need for “robust and functional infrastructure” in Africa, without which “there will be no development on the continent.” He lamented that resources which could be used for development are instead being diverted to a “new arms race, reminiscent of the last century,” with African leaders seriously concerned about the direction the world is heading.
“Major infrastructure investments in Africa require a financing model that is better suited to the economic conditions of African countries,” he stated, adding that this implies a restructuring of the current financial architecture to consistently consider Africa’s priorities, which are often overlooked.
In addition to involving the most vulnerable countries more actively in decision-making processes, João Lourenço stressed the need to address public debt in African states, which he described as “a brake on development” that diverts funds that could — and should — be invested in key sectors.
He referred to a “common African position” expressed in the Lomé Declaration of the African Union, from May 2025, which presents concrete proposals to tackle the debt crisis. These include:
- the creation of fairer and more transparent multilateral debt restructuring mechanisms,
- automatic clauses to suspend debt servicing in the event of external shocks, and
- encouraging the use of local currencies to reduce foreign exchange risk.
As the African Union chair, Lourenço also called for a “significant increase” in climate finance to mitigate the impacts of climate change in Africa. He emphasized that a just energy transition and climate resilience must go hand in hand with debt relief and the development of sustainable economic models.
“Africa remains one of the most vulnerable regions, yet paradoxically, one of the least responsible for [polluting] emissions,” he noted.
Speaking specifically about Angola, Lourenço stated the country is “firmly committed to mobilizing domestic resources, strengthening fiscal governance, and fighting capital flight.” He highlighted the importance of the UN Convention on International Taxation, noting encouraging progress in negotiations, which he believes should continue, as it represents a “historic opportunity” to correct “imbalances in the global tax system and ensure fair representation of developing countries in international tax decision-making processes.”
The conference in Seville continues until Thursday, with over 60 world leaders, including heads of state and government, currently gathered in the Spanish city.
Source: Jornal Económico with Lusa
