1. 19 June 2009 Media Contact
EFG-US-20090619-1 Jeff Mustard
EurOrient Financial Group
818-206-5322
MEDIA ANNOUNCEMENT jeff.mustard@eurorient.org
Mr. Ron Nechemia, Chairman of EurOrient Financial Group, to Attend
United Nations Conference at the Highest Level on the World Financial
and Economic Crisis and its Economic Impact on Development
LOS ANGELES, CALIF.: 19 June 2009 – The United Nations is convening a three-day summit of world
leaders from 24 – 26, June 2009 at headquarters to assess the worst global economic down turn since the
Great Depression. The aim is to identify emergency and long-term responses to mitigate the impact of the
crisis, especially on vulnerable populations, and initiate a needed dialogue on the transformation of the
international financial architecture, taking into account the needs and concerns of all Member States. Mr.
Ron Nechemia, the Chairman of the Board of Directors of the EurOrient Financial Group (“EurOrient”)
and a Permanent Representative to the United Nations, will attend the “United Nations Conference at the
Highest Level on the World Financial and Economic Crisis and its Economic Impact on Development.”
This extraordinary General Assembly session was mandated at the Follow-up International Conference on
Financing for Development, held in December 2008 in Doha, Qatar. Member States requested the General
Assembly President Miguel d’Escoto Brockmann to organize the meeting “at the Highest-level” with the
participations of Heads of State and government. As an officially recognized representative of the private
sector to the United Nations, Mr. Nechemia, who is recognized as the founding father of private sector
development, will be delivering a prepared Policy Statement to the conference. The conference is
comprised of plenary sessions and four interactive roundtable exchanges among world leaders and
representatives of the United Nations system, including the World Bank and the International Monetary
Fund, as well as civil society organizations and the private sector.
Mr. Nechemia’s policy statement will offer his perspective as a global development financier into the
issues that fomented the collapse of the world’s financial systems while at the same time offering concrete
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2. suggestions concerning efforts to mitigate the problems as they currently exist and recommending solid
solutions to improving the world’s badly damaged financial architecture.
In his forthcoming Policy Statement to the United Nations Conference, Mr. Nechemia observes:
“Government bodies, such as but not limited to, the US Securities and Exchange Commission
(SEC) and the Federal Reserve Board of Governors in Washington DC, together with the
international organization failed to understand the evolution in financial technology, and perhaps
were not sure as to which of the government agencies has responsibility for oversight. This lack of
oversight coupled with a failure to establish new guidelines that would mitigate risks associated
with evolution of contemporary financial technology by imposing stricter safety standards and
higher capital requirements in overall terms on the financial institutions in developed financial
markets, compared to the previous standards contributed greatly to the present day global financial
debacle. Both the scale and persistence of the attendant credit crisis seems to suggest that
securitization—together with poor credit origination, inadequate valuation methods, and
negligently insufficient regulatory oversight—have severely damaged global financial stability.”
Mr. Nechemia also urges the following:
• I stress the importance of the recognition that the markets have become global but our regulatory
controls have remained local. A solution will only be found if we take steps to strengthen
international financial regulation and supervision.
• I am calling on harmonizing national with international regulatory policies and legal frameworks to
enhance coordinated supervision and resolution of firms and markets that operate across borders
• I urge that we need to explore the regulatory, supervisory, macroeconomic and financial stability
issues raised by these new financial instruments in relationship to their contribution to current
financial crisis.
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3. • I reiterate my resolve to the urgent task before us is to develop processes, mechanisms and policies
which can better link humanity to the benefits of globalization. This is the challenge which United
Nations must address.
“The impact, demands and challenges of this global financial crisis have rightly captured the attention of
world leaders,” says Mr. Nechemia whose full policy statement to the 24 – 26, June UN Global Financial
Crisis Summit will be published in its entirety 24, June, during the day of the event at the United Nations
and will be made available on the company’s website: www.eurorient.org.
Emphasizing the critical importance of this global financial crisis and what it means to the people of the
world in lesser developed countries and emerging market economies in particular along with the
international financial institutions whose charter it is to play a significant role in socially responsible
development, Mr. Nechemia also attended the United Nations Conference on Trade and Development, 27
April 2009. Barely one month ago, this conference agenda stressed and focused on, “Confronting the
Challenges of Financing for Development: Coherence, Coordination and Cooperation in the Context of the
Implementation of the Monterey Consensus and the Doha Declaration on Financing for Development.”
This United Nations sponsored event was a “Special High-level Meeting of the Economic and Social
Council” (“ECOSOC”) with the Bretton Woods Institutions, the World Trade Organization and the United
Nations Conference on Trade and Development where Mr. Nechemia delivered a Policy Statement
concerning sustainable development in the face of the global financial crisis.
Says Mr. Nechemia: “The effects of the recent financial turmoil continue to reverberate around the world.
Years of painstaking efforts -- across the international community -- hang in the balance. Unemployment is
rising, food and energy prices are fluctuating, social protection systems are failing and access to credit and
financial services is shrinking. All of this is taking a heavy toll on individuals, especially the poorest of the
poor.”
An original participant at the convening of the first International Summit on Financing for
Development held from 18-22 March 2002 in Monterrey, N.L., Mexico, Mr. Nechemia brings a unique
and historical perspective to the world’s dialogue on the Global Financial Crisis and the myriad issues
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4. surrounding it. Mr. Nechemia’s attendance along with the solicitation of his ideas at that original
conference was extended via a United Nations General Assembly resolution (55/245A and B,
respectively,) in which the Assembly decided to convene, at the highest political level, the International
Summit on Financing for Development; and, “Accordingly, and in pursuance of paragraph 11 of General
Assembly resolution 55/245B, EurOrient Financial Group (“EurOrient”) honorably was invited to
participate” represented by Mr. Ron Nechemia in the historical International Summit on Financing for
Development on a Ministerial Segment. Mr. Nechemia’s participation aimed to elevate the vision by
highlighting how we all need to work together during the years to come, as the international community
builds toward the Millennium Development Goals, to create the brilliant tapestry of what sustainable
financing for development is in practice.
The Conference on the World Financial and Economic Crisis and its Impact on Development brings to
bear the full authority of the General Assembly, the only universal body of sovereign states. It is not a
counter-measure or alternative channel to existing international fora on economic cooperation and financial
regulations. Rather, it opens up a complementary and supporting process that brings with it the voice, and
ultimately the buy-in, of all 192 UN Member States.
“We have an historic opportunity – and a collective responsibility – to bring new stability and
sustainability to the international economic financial order,” Assembly President d’Escoto declared
recently. “This transformation – which could begin to narrow the North/South divide – requires the
involvement of all nations of the world. This is the meeting of the G-192.”
About EurOrient
EurOrient Financial Group is a private sector global development finance institution accredited by United
Nations General Assembly on Financing for Development. The mission of the EurOrient Financial Group
is to support the economic and social development efforts of the less developed countries as they, in
particular, seek to achieve the Millennium Development Goals ("MDGs").
The EurOrient's principal objective is to reducing poverty and promoting sustainable economic growth.
EurOrient invests in projects and programs that promote social development, build human capacities, and
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5. address host government priorities for investments in physical infrastructure that promote and enhance
social development. These projects include roads, transportation and communication systems, water,
sanitation and other types of investments with social development outcomes such as improved quality of
life and increased human knowledge and skills.
Since being founded more than 20 years ago, EurOrient Financial Group today seeks to increase
substantially the development impact of its activities by adopting new approaches in pursuit of its five
strategic priorities; they are: (i) strengthening the focus on frontier markets, including small and medium
enterprises (SMEs), this includes infrastructure finance; (ii) building long-term partnerships with emerging
players in developing countries; (iii) differentiating through sustainability competencies; (iv) addressing
constraints to private sector growth in infrastructure, agribusiness and advance technology; and (v)
developing local financial markets through institution building and the use of innovative financial
products.
EurOrient at Glance
Headquarters: Los Angeles, California
Website: www.eurorient.org
CEO: Mr. Ron Nechemia
Contacts
Media Contact: Jeff Mustard, Spokesperson for the President and the Chair Person of the Board of
Directors of the EurOrient Financial Group
Tel: 818-206-5322 - Email: jeff.mustard@eurorient.org
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