Saudi Arabia’s Crown Prince Mohammed bin Salman headed the Kingdom’s delegation to the New Global Financial Pact Summit that kicked off on Thursday in France’s capital of Paris.
France has billed the two-day meeting as an opportunity to discuss ideas ahead of a cluster of major economic and climate meetings this year.
Crown Prince Mohammed bin Salman is scheduled to deliver a speech at the main session of the summit titled “A New Way: Partnerships for Green Growth.” French Foreign Minister Catherine Colonna will be the moderator of the session.
The participation of the Crown Prince in the Paris summit is considered as high on the part of the Kingdom, in shaping the features of the aspired international financial system, by virtue of its membership in the G20 largest economies in the world, and its pivotal role in the oil industry.
The aim of the summit is to concurrently tackle the challenges of climate change, biodiversity protection, and the fight against inequality in order to achieve the Sustainable Development Goals.
Nearly 80 years after the Bretton Woods Agreement created the World Bank and International Monetary Fund (IMF), the world leaders in Paris aim to squeeze more financing from multilateral lenders for the countries that need it most. The summit also aims to create a new system that meets the common aspirations of humanity.
According to observers, the participation of the Saudi Crown Prince in the Paris summit is strong evidence of Saudi Arabia’s seriousness in reforming the global financial system, which has not undergone any modernization since World War II.
It is noteworthy that both the developed and developing countries are looking forward to the Saudi experience in investing in green technology and efforts to combat climate change.
The Crown Prince, who is currently on an official visit to France, held wide-ranging talks with President Macron on Friday. He also attended the Kingdom’s official reception for Riyadh’s bid to host World Expo 2030 on Monday.
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