President Cyril Ramaphosa is set to attend the New Global Financing Pact Summit in the French capital Paris. The gathering seeks to build a new contract between the global north and south to drive access to financing.
Global financial institutions like the International Monetary Fund, World Bank and others have been under tremendous pressure to transform as countries in the global south feel neglected.
The summit in Paris will also focus on scaling up investment in green infrastructure, designing innovative financial solutions for climate vulnerability and address the thorny issue of debt crisis among developing countries.
Recently, UN Secretary-General Antonio Guterres and Kenyan President William Ruto called on the global financial institutions to expedite transformation.
President Ramaphosa will be joined by over 30 heads of state in Paris.
The summit will take place from 22 to 23 June 2023.
