Addis summit raises development hopes

The 13-16 July third International Conference on Financing for Development (FfD3) in Addis Ababa was a critical step towards ending poverty and achieving universal food security, UN secretary-general Ban Ki-moon said, while European Investment Bank president Werner Hoyer said it contributed toward a renewed architecture for sustainable development.FfD3 committed to a social compact to protect vulnerable populations, with national targets for spending on education, health and other essential services. It recommitted developed economies to spend 0.7% of GNP on aid.