On 19 December 2019, the UN General Assembly adopted resolution 74/245, which designated 4 December as the International Day of Banks in recognition of the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how; and also in recognition of the vital role of the banking systems in Member States in contributing to the improvement of the standard of living.
In September 2015, the General Assembly adopted the comprehensive, far-reaching and people-centred set of universal and transformative Sustainable Development Goals and targets, and reaffirmed its commitment to working tirelessly for the full implementation of those goals by 2030. It recognized that eradicating poverty in all its forms and dimensions, including extreme poverty, is the greatest global challenge and an indispensable requirement for sustainable development. The goals seek to achieve sustainable development in its three dimensions – economic, social and environmental – in a balanced and integrated manner, building on the achievements of the Millennium Development Goals and addressing their unfinished business.
Achieving sustainable development — in particular eradicating poverty, reducing inequality and combating climate change — requires a long-term perspective, with Governments, the private sector and civil society working together to tackle global challenges. However, a more uncertain world favours more short-term behaviour. Therefore, private businesses, many of whom already face a range of short-term incentives, hesitate to commit funds to long-term investment projects. During periods of financial insecurity, households often focus on their immediate needs. And policymakers are often guided by short-term political cycles.
Hence, effort is needed at all levels to ensure that strengthened collective action can help reduce global uncertainty, while financial innovation can generate significant progress across the 2030 Agenda and the Addis Ababa Action Agenda.
