President Cyril Ramaphosa has arrived in Paris, France, to participate in the Summit on the Financing of African Economies. The President will join several African Heads of State and Government as well as leaders of global financing institutions at Tuesday’s event.
The purpose of the summit is to support the economic recovery of African countries that have been affected by the COVID-19 pandemic. The summit also aims to foster investments in Africa and avert the risk of excessive debt in the process of economic recovery.
🇿🇦His Excellency President @CyrilRamaphosa arrives at the Orly International Airport in France and received by @DIRCO_ZA Minister Dr Pandor, Ambassador to the French Republic Mr Seokolo, Acting Chief of State Protocol Ambassador Hoyana and Defence attaché Colonel Khumalo. pic.twitter.com/ylly4IvgCL
— Presidency | South Africa 🇿🇦 (@PresidencyZA) May 17, 2021
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 meeting on the Financing of African Economies follows a series of global stimulus packages initiatives including the World Bank’s 14 billion US dollar fast-tracking of COVID-19 financing as well as the African Development Bank’s $10 billion COVID-19 Response Facility.
On the sidelines – Ramaphosa will engage in bilateral meetings with his counterparts from the Democratic Republic of Congo, Angola, Côte d’Ivoire, and Senegal.
South Africa’s economy has suffered a blow as a result of the pandemic. During the second quarter when businesses were shut down to curb the spread of the virus, the country recorded a 51% decrease in Gross Domestic Product. All industries experienced a massive drop in output during this quarter.
The construction industry was hardest hit, slumping by 76.6%.
The fourth quarter saw a 1.5% growth with the manufacturing industry increasing at a rate of 21.1%: