African countries face higher loan interest rates than industrialized nations. International Relations Minister Ronald Lamola called this unfair. He urged for revolutionary solutions to end the disparity. Lamola said Africa should not pay more for similar loans. These inequalities, he added, block progress in energy transitions and key technologies.
The issue dominated discussions at the G20 Sherpas’ meeting in Johannesburg. The meeting began on December 9. Delegates focused on securing low-interest loans for African projects. These include rare earth metals and energy transition technologies. A participant also described these projects as vital but costly without affordable funding.
South Africa assumed the G20 presidency from Brazil on December 1. As host, it aims to prioritize the concerns of developing nations. These include reducing financial barriers and ensuring equitable access to resources. Zane Dangor also emphasized the meeting’s importance. He said it will guide the G20 agenda for the coming year.
The two-day meeting seeks solutions to global financial inequalities. Delegates also aim to promote fair access to loans for African development. South Africa’s presidency hopes to bridge economic gaps and foster collaboration. By focusing on financing, the G20 can support Africa’s growth. Africa’s role in the global economy also depends on fair financial treatment. Reforms could reshape international systems to benefit developing regions.
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