The summit is part of French President Emmanuel Macron's efforts to recast France's engagement in Africa, where it was once a colonial power, at a time when the continent faces a near 300 billion dollar deficit by the end of 2023 while trying to recover from the downturn.
The summit brings together some 30 African and European heads of state, as well as the heads of global financial institutions like the IMF and World Bank. The African Development Bank forecasts that up to 39 million people could fall into poverty this year with many African countries at risk of debt distress because of the pandemic.World finance chiefs agreed in April to boost reserves at the IMF by $650 billion and extend a debt-servicing freeze to help developing countries deal with the pandemic, although only $34 billion will be allocated to Africa.
"This is a big opportunity ... to see how we can raise funds to save Africa, which has been hit very hard by this pandemic," said Democratic Republic of Congo President Felix Tshisekedi, who is also chairman of the African Union.
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