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 Two out of five families live in countries where more money is spent on debt service than on national health and education services combined. We do not have a finance problem, but an allocation problem.

Year on year, $4 trillion are missing in our efforts to implement the Sustainable Development Goals. To overcome this financing gap, we need to reform the international financial institutions. Making them more inclusive, efficient and representative, where more solutions can be raised by more countries around the table.

We need to mobilize funding from all sources, not only public. We must involve the private sector more systematically. And we need to increase the lending capacity of Multilateral Development banks and to improve the debt relief processes.

The “Seville Commitment” was a breakthrough. Now, we need to focus on its implementation. To benefit all countries, citizens and businesses. The European Union is doing its part. The European Union together with its Member Sates accounts for 42% of global development aid. We are also the world’s leading development and climate finance provider.

Through the European Union’s efforts via the Global Gateway, we are combining development assistance and sustainable investments in projects that have an economic value. And we are well on track to reach our commitment to mobilise €300 billion in investments by 2027. For connectivity projects, to make the social, digital and green transitions a reality across the globe.

These are not just essential goals to improve life quality, but they also contribute to global prosperity. A fair and shared prosperity for all. There is a lot of work ahead of us.

It requires staying the course and honouring our commitment of implementing the Sustainable Development Goals. This first-ever Biennial Summit is a unique opportunity to come together and advance on these issues.

Thank you.