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Summit on Financing of African Economies 2021

Published on May 21, 2021
Current Context: The Summit on Financing of African Economies 2021 was held in Paris, France and also held in a virtual format via video conference.
Summit on Financing of African Economies 2021
  • The summit was hosted by France.
  • India was represented by the Minister of the State for External Affairs, V Muraleedharan.
  • The summit was held to plan financial resources to retrieve the African Economy which is severely affected due to the COVID-19 pandemic.
  • The summit observed the participation from countries like Congo, Portugal, Spain, Egypt etc. The officers from IMF (International Monetary Fund), WTO (World Trade Organisation), United Nations and World Bank participated in the summit.
  • President of France, Emmanuel Macron, agreed to work towards persuading rich nations by Oct 2021 to reallocate $100 billion in IMF’s special reserves, particularly for African nations.
  • At the summit V Muraleedharan mentioned the steps taken by India to help the African continent to tackle the pandemic.
  • As per IMF, additional financing of up to $285 billion will be needed during 2021-25 for African countries to uplift from the severe impact of the pandemic.
  • Static Part: 
    • Union External Affairs Minister: S Jaishankar
    • Capital of France: Paris
    • Currency of France: Euro and CFP Franc


Q.1 Which country hosted Summit on Financing of African Economies 2021?
a. India
b. Portugal
c. France
d. USA
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