Parsi – Mohammed bin Salman, a Crown prince and prime minister of Saudi Arabia, will address international leaders on Thursday at the Paris Summit for a New Global Financing Pact. The global summit will be attended by more than 100 heads of state and government as well as 300 high-ranking officials from various nations, international organisations, and civil society groups.
The summit is being hosted by French President Emmanuel Macron on Thursday and Friday in order to lay out a plan for reducing the debt loads of low-income nations while freeing up more money for climate spending. The summit is anticipated to make a $100 billion commitment to aiding developing nations, which are struggling financially and have been unable to pay their foreign obligations.
The meeting will be officially opened by Macron at the UNESCO headquarters in Paris. Speaking at the summit’s opening session will be UN Secretary General Antonio Guterres, Niger President Mohamed Bazoum, and Barbados Prime Minister Mia Motley.
The summit’s main session will feature a speech by Crown Prince Mohammed bin Salman titled “A New Way: Partnerships for Green Growth.” The session, which will feature speeches from Cyril Ramaphosa of South Africa, Gustavo Pietro Orrego of Colombia, and Ursula von der Leyen of the European Commission, will be moderated by French Foreign Minister Catherine Colonna. Additionally, the Crown Prince will be present at the banquet meal that Macron will throw on Thursday in honour of the summit participants.
Due to the Kingdom’s membership in the G20—the 20 largest economies in the world—and its crucial position in the oil industry—the participation of the Crown Prince in the Paris summit is seen as high on the part of the Kingdom in defining the characteristics of the desired international financial system.
In order to fulfil the Sustainable Development Goals, the summit’s goal is to simultaneously address the problems of climate change, biodiversity preservation, and the battle against inequality. The international leaders meeting in Paris want to wrangle more funding from multilateral lenders for the nations who need it the most, nearly 80 years after the Bretton Woods Agreement established the international Bank and International Monetary Fund (IMF). The summit also seeks to establish a new system that fulfils everyone’s expectations.
Observers claim that the Saudi Crown Prince’s attendance at the Paris conference is solid evidence of Saudi Arabia’s commitment to modernising the international banking system, which has not seen any changes since World War II. Notably, both developed and developing nations are eager to learn from Saudi Arabia’s investments in green technologies and initiatives to tackle climate change.
On Friday, the Crown Prince and President Macron had lengthy discussions. The Crown Prince is now in France on an official visit. On Monday, he also went to the official Kingdom reception for Riyadh’s candidature to host the 2030 World Expo.
