President Cyril Ramaphosa delivered a virtual address at the Financing for Development in the Era of COVID-19 and Beyond Summit.
- The President stressed the importance of global development financing that achieves local benefit, particularly in low-income countries and those most affected by the COVID-19 pandemic.
- He emphasized the need to address the structural barriers that prevent access to financing and impede economic growth, including debt, inequality, and climate change.
- President Ramaphosa called for urgent action to reform the international financial architecture to better serve the needs of developing countries.
- He highlighted the African Union’s efforts to establish a continental free trade area, which he said would create opportunities for greater investment and economic growth on the continent.
- The President also announced that South Africa will host the International Investment Conference in November 2021 to promote investment in the country and the African continent.