The New Financial Pact Summit, which took place June 22–23 in France, convened heads of state and government, Multilateral Development Banks (MDBs), international organizations and hundreds of civil society private sector and investment leaders.
Private-sector recommendations from the summit called for African collaborative pension fund and sovereign wealth fund investments at scale, made through the African Green Infrastructure Investment Bank (AfGIIB), to counter the MDBs’ private capital mobilization market failure in Africa.
Leaders met with the goal of transforming the world’s financial system through the curation of a new financial pact, which equitably redefines the mandates of MDBs to better deliver the mobilization of private climate capital at scale, green infrastructure and finance solutions related to debt for emerging markets and developing countries.
According to the G20, an intergovernmental forum involving 19 countries and the European Unio
