Kathmandu, June 19 -- Nepal has welcomed Compromiso de Sevilla (Seville Commitment), the document endorsed by UN member states on Tuesday at UN Headquarters, as a 'historic opportunity' to address critical global financing challenges.

Following months of intense intergovernmental negotiations, the agreement is seen as a renewed framework for financing sustainable development, especially in light of the estimated $4 trillion annual shortfall faced by developing nations, the UN News stated on Wednesday.

Nepal's Permanent Representative to the UN Lok Bahadur Thapa, who co-facilitated the outcome document alongside Mexico, Zambia, and Norway, praised the consensus.

"It recognises the $4 trillion financing gap and launches an ambitious pack...