Addis Ababa, Feb 17 (NationPress) United Nations Secretary-General Antonio Guterres emphasized the necessity of enhancing investment and providing affordable financing to support developing nations in achieving the UN Sustainable Development Goals (SDGs).

During a press conference on Saturday at the African Union (AU) summit, Guterres advocated for concessional funding for developing nations and urged multilateral development banks to channel private investments towards these countries.

He stated that the UN is advocating for reforms in the international financial framework to ensure that developing nations gain increased influence, representation, and access to essential resources, as reported by the Xinhua news agency.

"The global financial institutions like the World Bank and the International Monetary Fund were established post-World War II, with minimal representation from the African continent, as many African nations were still under colonial rule. These institutions primarily serve the interests of their founders," he remarked.

The UN chief pointed out that numerous African nations are grappling with significant debt without an effective debt relief mechanism in place.

He noted that while Africa does not significantly contribute to climate change, it is among the regions most adversely impacted, suffering from extreme weather events such as severe storms and droughts. He called upon developed nations, responsible for climate change, to treat emerging economies equitably.

Furthermore, Guterres underscored that maintaining and promoting peace across the African continent is a fundamental mission of the UN.

"Despite the significant challenges, the potential for progress is even greater, and the United Nations remains committed to supporting the people of Africa at every juncture," he added.

The ongoing AU summit, uniting leaders from AU member states, is held under the theme "Justice for Africans and People of African Descent Through Reparations."