Minister for Gozo Clint Camilleri, represented the Maltese Government at the ‘Summit for a New Global Financing Pact,’ an historic summit which dealt with international solidarity and which took place in Palais Brongniart, in Paris.

The Gozo Minister said that Malta supports the need for a new global financial pact in order to address various challenges facing the world, including poverty and climate change.

During this summit, more than 100 leaders from around the world joined in Paris at a time of historic global challenges that include poverty, inequality, conflicts and crises such as climate change, loss of biodiversity and pandemics.

The aim was to reach an agreement on the need to address these challenges and sign a declaration on a common vision for the Multilateral Development Banks (MDBs) based on the Sustainable Development Goals (SDGs) and reflecting the – Paris Climate Agreement.

Malta together with a number of other countries signed the declaration in order to support the need for a new global financial pact so that through cooperation and solidarity the challenges that the world is facing both at present and in the future are addressed.

In this declaration the countries stated that they believe that the fight against poverty, the promotion of shared prosperity, and the commitments to better address global challenges, lead to mutual reinforcement.

This summit ended with a clear goal for a world where poverty is eliminated and the planet preserved; where vulnerable countries are better equipped to face crises from climate change and conflicts.

Therefore a strategy should be implemented where all sources of finance are exploited, including official development assistance, domestic resources, and private investment.

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