Minister de Raincourt to Discuss "Innovative Financing" in Madrid

Minister de Raincourt will be in Madrid September 15 to discuss innovative financing, in preparation for the G20 activities this fall.

Henri de Raincourt, Minister for Cooperation, will attend a High Level Meeting of the Leading Group on Innovative Financing for Development on Thursday, September 15 in Madrid, Spain.

Mr. de Raincourt will meet with Maria Soraya Rodriguez Ramos, Spain’s Secretary of State for International Cooperation, to discuss the priorities of the current French presidency of the G20. At the top of the priority list is sustainable development, in particular the issue of “innovative financing,” and notably the proposal to tax financial transactions for the purpose of funding development.

The group will address innovative financing during two panel discussions. The first will consider the implementation of an international financial transactions tax, and the second will determine how to mobilize new resources in addition to development aid drawn from traditional funds.

The ministers are confident that a financial transactions tax will raise funds and level the playing field for the inclusion of developing countries into the global economy.

Their meeting precedes the G20 organizational conference to take place in Washington on September 23. There the two ministers will launch the Pilot Group Conference, which will seek to undertake “innovative financing for development.” Through the leadership of Mr. de Raincourt and Ms. Ramos, 63 countries, 18 international organizations, numerous NGOs and other organizations will be called to coordinated action.

The Madrid meeting will include the participation of experts from academia, civil society, politics and international organizations. Both the Madrid and Washington conferences take place ahead of the G20 Summit set for November 3-4 in Cannes, France.