South African President Cyril Ramaphosa will be among more than 30 world leaders attending the New Global Financing Pact Summit in Paris from 22-23 June 2023. The summit, hosted by French President Emmanuel Macron, aims to establish a new relationship between the North and the South to ensure vulnerable nations have access to financing and to address some of the world’s most pressing challenges.
Forging a New Global Partnership
The Summit will build on previous initiatives and merge various agendas, including climate, development, and debt. It seeks to propose innovative solutions to pressing issues, with the primary objective of increasing fiscal space, mobilizing liquidity, and unlocking finance for the private sector in Low-Income Countries.
Ambitious Summit Objectives
The Summit’s four-fold objectives include scaling up investment in green infrastructures and designing innovative financial solutions for climate vulnerability. A Heads of State and Government Vision Statement on a New Global Financing Pact will outline these ambitious goals and be accompanied by new commitments and tangible results.
A Select Group of Participating Countries
Though not directly associated with existing multilateral processes, the Paris Summit grants a select group of participating countries the opportunity to reach important agreements that can potentially influence the outcomes of discussions in other international and multilateral platforms.
Impressive Roster of Summit Attendees
The impressive roster of Summit attendees features Brazil, Germany, and the European Union, as well as China, Barbados, Sri Lanka, and Cuba. Delegations from numerous African nations, such as Benin, Gabon, Madagascar, and Nigeria, have also confirmed their attendance.
South Africa’s Role in the Summit
President Ramaphosa will be accompanied by Ministers Naledi Pandor and Enoch Godongwana, as well as senior government officials. This esteemed South African delegation is poised to play a critical role in shaping the Summit’s outcomes and addressing South Africa’s unique challenges in the realms of financing, climate, and development.
Towards a Sustainable and Equitable Future
The New Global Financing Pact Summit offers an invaluable opportunity to foster collaboration, share innovative solutions, and drive the global community towards a more sustainable and equitable future. As the world’s leaders convene in Paris for this historic event, the international community will be watching for tangible progress.
