A new UN-backed forum launched on Wednesday to help developing nations escape the weight of unsustainable debt – which has left more than three billion people worldwide living in economies forced to spend more on repayments than health or education.

The landmark Financing for Development conference in Sevilla has concluded with a renewed sense of resolve and a focus on action that can change lives worldwide, according to UN Deputy Secretary-General Amina Mohammed.

Civil society organisations have welcomed the consensus reached at the landmark sustainable development conference concluding this Thursday in Sevilla, while cautioning that real progress will depend on sustained action.

Nations taking part in a flagship UN conference have pledged to address the debt crisis in the Global South and boost sustainable development. However, the real test will be whether or not these commitments will be translated into action.

A senior UN official has told UN News that the global development challenge is not lack of money, but how to align public and private capital flows. The Sevilla Agreement adopted this week, sets out a roadmap for all UN Member States — except the US which pulled out earlier this month — with the aim of mobilizing that capital.

A new mechanism offering debt-distressed countries a way to coordinate action and amplify their voice in the global financial system, has been launched at the UN’s pivotal sustainable development conference in Sevilla.

Now the big promises have been formally adopted in the Spanish city of Seville to turbocharge financing for sustainable development, how are the ambitious goals going to be met – and how quickly?

“We’re here in Sevilla to change course,” the UN chief told world leaders on Monday, calling on them to grasp a once-in-a-decade opportunity to close a $4 trillion financing gap facing developing countries to meet sustainable development goals – and build a better world for all.

From rising debt and shrinking investment, to the aid funding crisis and struggles to meet ambitious development goals, the global financial system is failing the people it's supposed to serve: fixing that is the challenge facing world leaders gathered in Spain's sweltering southern jewel of Sevilla this week, as the UN's 4th International Conference on Financing for Development gets underway. Follow our live Meetings Coverage below; app users can catch all the action from the opening session here and you'll find all related stories on our special dedicated page right here.