International Development Secretary Justine Greening hails the new agreements struck this week in Ethiopia.
Speaking at the UN Financing for Development in Addis Ababa, Secretary of State Justine Greening said:
This is a historic international deal that takes us beyond aid. It is the first ever agreement that allows us to harness private sector investment and developing countries’ domestic resources, including tax revenues, to turbo charge development.
The significance of today’s unique agreement cannot be underestimated. This deal would have been unthinkable just a few years ago and is a major step towards getting the resource levels we need if we are to fast track economic growth in the developing world and eradicate extreme poverty.
On top of this historic agreement, the UK’s launch of the ground-breaking Addis Tax Initiative alongside the Netherlands, Germany, Ethiopia, Kenya and others, combined with key agreements on extra private sector finance, now put us firmly on the path towards ending aid dependency.’