The Finance in Common System (FiCS) has reaffirmed its commitment to sustainable development by contributing to the Fourth International Conference on Financing for Development (FfD4). In a new report, FiCS emphasizes the essential role of public development banks (PDBs) in driving economic growth and sustainable development. The report also explores strategies for aligning financial flows with global priorities, particularly the Sustainable Development Goals (SDGs) and the Paris Agreement on climate change.
FiCS, a global network of all PDBs, convened its fifth Finance in Common Summit from February 26-28, 2025, in Cape Town, South Africa. Under the theme “Fostering Infrastructure and Finance for Just and Sustainable Growth,” the Summit provided a platform for international collaboration and financial innovation to accelerate progress on the SDGs. The event was held in parallel with the G20 Finance Ministers and Central Bank Governors Meeting.
UN Deputy Secretary-General Amina Mohammed, during her opening remarks, called the FfD4 a “pivotal moment” for the international community to renew its financial framework and intensify efforts toward achieving the 2030 Agenda. She stressed the importance of large-scale investments and international financial reform.
Addressing the G20 finance ministers and central bank governors, Mohammed urged them to strengthen multilateral development banks (MDBs), adopt a comprehensive approach to the global debt crisis, and enhance the global financial safety net, with the International Monetary Fund (IMF) at its core.
The FiCS report, titled “Unlocking Public Development Banks’ Potential for Sustainable Development Finance,” offers three main recommendations:
Establish an ambitious framework to make PDBs effective “SDGs enablers” by reviewing and aligning their mandates with sustainability goals.
Design a coherent architecture for the PDB system, mirroring reforms of MDBs, fostering synergies across FiCS, and aligning financial flows with national priorities.
Empower PDBs to unlock their potential by enhancing capital and financing capacity, improving project preparation, leveraging private finance, and reforming regulatory frameworks.
The report underscores the need for coordinated action by member states at FfD4 to align PDBs’ mandates and promote collaboration to drive sustainable development in a global financial system.
The FiCS 2025 Final Communiqué reaffirmed the members’ commitment to accelerating growth through inclusive and sustainable investments, supporting high-quality projects, and promoting financial innovation. It also called for enhanced cooperation among PDBs and the broader financial system, aligning efforts with global initiatives such as the G20, FfD4, and the 2025 UN Climate Change Conference (COP 30).
In addition to the report, the Summit launched several key initiatives:
A consultation on the PDBs Reference Book, which summarizes research from the FiCS Global Research Network and highlights the diverse ecosystem of PDBs.
Six coalitions focused on key areas including food systems, social investment, gender, ocean, culture, and sport.
Partnerships on climate action, environmental sustainability, and a just energy transition.
During the Summit, a civil society declaration was issued calling for stronger civic space, greater engagement between PDBs and civil society organizations (CSOs), human rights protection, community-led development, and climate finance for a just transition.
The Summit brought together a broad coalition of stakeholders, including PDBs, governments, international organizations, the private sector, investors, civil society, and academia. Co-hosted by the Development Bank of Southern Africa (DBSA) and the Asian Infrastructure Investment Bank (AIIB), with support from the French Development Agency (AFD), the event underscored the importance of collective action to tackle global development challenges.
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