PARIS — Saudi Crown Prince and Prime Minister Mohammed bin Salman will address world leaders at the Paris Summit for a New Global Financing Pact on Thursday. More than 100 heads of state and government, and 300 high ranking officials representing countries, international organizations, and civil society organizations will attend the global summit. French President Emmanuel Macron hosts the summit on Thursday and Friday to pin down a roadmap for easing the debt burdens of low-income countries while freeing up more funds for climate financing. The summit is expected to pledge allocation of $100 billion to help developing countries, which are facing financial difficulties that have led to their failure to pay their external debts. Macron will inaugurate the summit at the UNESCO headquarters in Paris. The opening session of the summit will hear speeches by Secretary General of the United Nations Antonio Guterres, Niger President Mohamed Bazoum, and Prime Minister of Barbados Mia Motley. 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 during which South Africa's Cyril Ramaphosa, Colombia's Gustavo Pietro Orrego, and European Commission President Ursula von der Leyen will deliver speeches. The Crown Prince will also attend the banquet dinner that Macron will host on Thursday in honor of the leaders attending the summit. 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.
