South Africa: President to Participate in Summit On Financing for African Economies

press release

President Cyril Ramaphosa will this evening, 16 May 2021, depart for Paris, France, to participate in the Summit on the Financing of African Economies.

At the invitation of President Emmanuel Macron of the French Republic, the President will join several African Heads of State and Government as well as leaders of global financing institutions at the Grand Palais Ephémère on Tuesday, 18 May 2021.

Minister of International Relations and Cooperation, Dr Naledi Pandor, and the Acting Minister in the Presidency, Ms Khumbudzo Ntshavheni, will accompany President Ramaphosa.

The purpose of the 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, 17 May 2021, 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.

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