HOPES of a financial lifeline for COVID-battered Africa ran high at a summit hosted by President Emmanuel Macron on Tuesday, with the boss of the African Union hailing the talks as a potential “new deal” for the continent.
The summit brings together African leaders and global financial institutions seeking to provide Africa with critical financing after the COVID-19 pandemic depleted the coffers of the world’s poorest region.
Africa has so far been less badly hit by the pandemic than other regions — with a total of 130,000 dead compared with 3.4 million worldwide.
But the economic cost has been devastating, with the International Monetary Fund warning in late 2020 that Africa faces a shortfall of $290-billion up to 2023, undermining all efforts at development.
Democratic Republic of Congo President Felix Tshisekedi, whose country holds the rotating African Union presidency, praised the summit as a “great opportunity” and said Macron was
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