New Delhi, June 30 -- A $420 billion annual shortfall is undermining efforts to achieve gender equality in developing countries, according to United Nations agency UN Women, which has called for urgent action from governments and financial institutions to address chronic underfunding and systemic financial barriers.

The warning came as world leaders gathered in Seville, Spain for the Fourth International Conference on Financing for Development (FfD4). The summit concluded with the adoption of the Compromiso de Sevilla, a joint commitment to inclusive and sustainable development. UN Women welcomed the agreement, describing it as a sign of "shared commitment" amid a difficult global economic landscape, but said it must be followed by tangi...