President Cyril Ramaphosa of South Africa has arrived in France for the Paris Summit, which is aimed at financing African Economies to recover from the health and economic crisis caused by the Covid-19 pandemic.
President Cyril Ramaphosa of South Africa and other African leaders are in France at the invitation of French President, Emmanuel Macron.
African leaders and chiefs of global financial institutions will attend the Paris summit meetings this week that will seek to help Sudan into a new democratic era and provide Africa with critical financing swept away by the Covid-19 pandemic.
The purpose of the Paris summit is to support the economic recovery of African countries that have been affected by the health and economic crisis caused by the Covid-19 pandemic.
It also aims to foster investments in Africa and avert the risk of excessive debt.
Delegates will deliberate on debt relief and support from the International Monetary Fund (IMF) through special drawing rights (SDRs).
Leaders will also look at how to provide capital to the private sector on the African continent to support investments that will catalyse inclusive economic activity, create employment and accelerate the attainment of Sustainable Development Goals.
The Summit on the Financing of African Economies follows a series of global stimulus packages initiatives, including the World Bank’s $14 billion fast-tracking of Covid-19 financing, the African Development Bank’s $10 billion Covid-19 Response Facility and the International Monetary Fund’s concessional financing and debt relief to assist countries and companies in their response to the pandemic.
Ahead of the summit on the evening of Monday, President Ramaphosa will attend the Welcome Dinner in Honour of African Heads of State and Government hosted by President Macron.
President Ramaphosa will hold bilateral meetings with participating leaders to enhance South Africa’s diplomatic relations.
European leaders, representatives of G7 and G20 countries and of international institutions such as the IMF, World Bank, Economic Cooperation and Development (OECD) are among Summit delegates.
The conference on Monday will also aim to rally support for the Sudan government under Prime Minister Abdalla Hamdok in the transition after the 2019 ousting of longtime strongman Omar al-Beshir.