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Ramaphosa to attend G20 Africa Investment Summit

President Cyril Ramaphosa in his office
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President Cyril Ramaphosa is expected to make his maiden attendance at the G20 Africa Investment Summit, which kicks off in Germany on Monday.

The G20 is a group of 20 industrialised and emerging economic nations. South Africa is the only member from the African continent.

This session is hosted by the German Chancellor, Angela Merkel.

The G20 was established by the industrialised nations in 1999, to increase multilateral cooperation on the global economy.

It was an initiative of Finance Ministers and Central Bank governors, following up on a suggestion of the Group 7 most industrialised nations.

This was in response to the global financial crisis of the 90’s. The G20 was established to prevent another global financial crisis.

In the last summit, South Africa was instrumental in tabling the African Union developmental agenda of 2063.

President Ramaphosa and his Rwandan counterpart, Paul Kagame the current AU chair, are expected to co-chair with Chancellor Merkel.

Twelve African countries have been invited to the summit. Heads of state from Benin, Guinea, Ivory Coast, Ghana, Egypt, Ethiopia, Morocco, Rwanda, Senegal, Togo, Tunia and Burkina Faso are expected to participate at the summit.

This Investment Summit is also expected to be attended by the World Bank and International Monetary Fund (IMF).

The Group of 20 nations account for 85% of world GDP and two-thirds of its population.

The Superpowers US and China are not expected to participate at the summit.

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