We note that in the past few decades, while North-South cooperation is the main modality for development cooperation, South-South cooperation has expanded its scope, facilitated regional, subregional and interregional integration, provided innovative approaches for collective actions and strengthened its contribution to sustainable development in its three dimensions. We acknowledge incremental institutionalization in South-South cooperation and its incorporation into policymaking by some countries and regions. There has been an expansion of the number of relevant actors in development, including multiple stakeholders, subnational entities and parliamentarians, civil society, private sector, volunteer groups, faith-based organizations, philanthropic organizations, scientific and technological communities, foundations and think-tanks, and academia, as appropriate. Multilateral institutions, international and regional banks and funds, including those newly established by developing countries, are providing financial support to South-South cooperation initiatives.