Ramaphosa attends New Global Financing Pact Summit in Paris

President Cyril Ramaphosa will attend the New Global Financing Pact Summit in Paris, France, on Thursday and Friday.

New Global Financing Pact Summit

The summit is being held under the theme “Towards More Commitments to Meet the 2030 Agenda?” and aims to build a new contract between the North and South to facilitate access to financing by vulnerable countries.

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The summit will bring together several agendas, including climate, development and debt, and will propose innovative solutions to address these issues.

Specifically, the summit aims to:

• Increase fiscal space and mobilise liquidity.
• Unlock finance for the private sector in low-income countries.
• Scale up investment in green infrastructures.
• Design innovative financial solutions for climate vulnerability.
• The summit will also set a new shared agenda which will be outlined.
• Government Vision Statement on a New Global Financing Pact.

More than 30 heads of state are confirmed to attend the summit, including Brazil, Germany, the European Union, China, Barbados, Sri Lanka and Cuba.

President Ramaphosa will be accompanied by International Relations and Cooperation Minister Naledi Pandor and Finance Minister Enoch Godongwana, as well as senior government officials.

The summit is seen as an important opportunity to gather momentum for the 2030 Agenda and to ensure that vulnerable countries have the resources they need to achieve their development goals.

Background

The New Global Financing Pact is a new initiative that aims to address the financing challenges facing developing countries.

The pact is being led by the French government and the World Bank, and it is supported by a number of other countries and organisations.

The pact aims to:

• Increase the flow of financing to developing countries.
• Improve the quality of financing to developing countries.
• Make financing more accessible to developing countries.

The pact is still in its early stages, but it has the potential to make a significant contribution to the development of developing countries.

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