The Summit for a New Global Financing Pact kicked off on Thursday in Paris, with Kuwait’s participation to discuss crisis financing for low-income countries.
The Kuwaiti delegation, headed by Minister of Finance Manaf Al-Hajeri, as representative of His Highness the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, included Kuwaiti Ambassador to France Mohammad Al-Judaie, along with 40 other top officials from different countries.
French President Emmanuel Macron said during the opening speech that the Summit for a New Global Financing Pact, held in Palais Brongniart is an opportunity to collectively rethink the global financial architecture of international solidarity and climate action by proposing concrete solutions to create a fairer, more effective and more responsive global financial system.
Macron stressed the need for international solidarity to mobilize public resources and private funds to use more effectively in facing world challenges, adding that the current system was not well suited to address those challenges.
The French Presidency said in a statement that the two-day summit aim to find financial solutions to the interlinked global goals of tackling poverty, curbing planet-heating emissions and protecting nature.
President Macron had previously called for holding the summit, during the Climate Change Conference (COP 27) in Egypt, as a step to fight climate change, limit poverty and reduce debts.
The Summit coincides with the world facing several challenges such as climate change, which is threatening developing countries in Africa, Asia and other regions of the world.
Source: Kuwait News Agency