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About the International Day of Banks
Politics , Retail
Safety & Security
Ends: Dec 04, 2024
DESCRIPTION:
On December 19, 2019, the UN General Assembly adopted resolution 74/245, designating December 4 as the International Day of Banks. The day recognizes the significant potential of multilateral and other international development banks in financing sustainable development and providing know-how, along with the vital role of banking systems in the Member States in improving the standard of living.
The resolution aligns with the UN's commitment to implementing the Sustainable Development Goals (SDGs) adopted in September 2015. The SDGs aim to achieve sustainable economic, social, and environmental development by 2030. Eradicating poverty, reducing inequality, and addressing climate change are highlighted as critical challenges.
Achieving sustainable development requires long-term perspectives and collective action involving governments, the private sector, and civil society.
The global economy faces risks, financial volatility, and geopolitical factors hindering growth, stability, and development. Weaknesses in the global financial system, including the volatility of capital flows, debt sustainability challenges, and reduced competition, pose risks to achieving the SDGs. Ensuring coherence across policy areas, including financial regulations and addressing social and environmental risks, is crucial to creating a sustainable financial system.
National development banks play a role in developing financing options for SDG-related investments. Their alignment with the Goals and collaboration with multilateral banks can enhance Goal-related finance by combining international resources and local market knowledge.
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