South Africa officially prepares to host the Finance in Common Summit (FiCS) from February 26 to 28, 2025.
The event coincides with South Africa’s presidency of the Group of 20 (G20), highlighting the nation’s rising influence amid transformative political changes and burgeoning economic confidence.
The summit will gather high-level delegations from across Africa, along with international partners and stakeholders, focusing on critical themes such as sustainable finance, debt reform, and inclusive economic growth.
The African Development Bank estimates a need for $130 billion to $170 billion annually for infrastructure development in Africa, the summit emphasizes the urgency of addressing the continent’s significant funding shortfall of approximately $100 billion.
“This stark reality highlights the critical role of development finance for both South Africa and Africa,” stated Boitumelo Mosako, Chief Executive Officer of the Development Bank of South Africa (DBSA). The DBSA, a pivotal player in fostering infrastructure and development finance across Africa, will co-host the summit.
Celebrating a decade since the establishment of key global agreements, including the Addis Ababa Action Agenda and the Paris Agreement on climate change, FiCS 2025 aims to rekindle momentum towards achieving the United Nations’ Sustainable Development Goals (SDGs) set for 2030.
“The summit will sharpen focus on reconfiguring international financial systems to address pivotal challenges such as climate change, sustainable development, and the need to tackle infrastructure gaps,” Mosako added.
The chosen theme, “Fostering Infrastructure and Finance for Just and Sustainable Growth,” aligns seamlessly with the G20’s overarching vision of “Solidarity, Equality, Sustainability.”
The FiCS is branded as the “Summit of Solutions,” aiming to produce actionable strategies for sustainable financial systems.
In addition to the DBSA, notable co-hosts for the summit include the Asian Infrastructure Investment Bank (AIIB) and the Agence Française de Développement (AFD). The AIIB, established in 2016, focuses on infrastructure projects that promote sustainable economic growth in Asia, while AFD, founded in 1941, supports social and economic development through sustainable initiatives.
“The presence of these international partners underscores our shared commitment to revolutionizing development finance,” Mosako emphasized.
Their involvement reflects the feasibility and necessity of inclusive financial mechanisms to confront Africa’s pressing challenges.
“Together, we are forging pathways for inclusive growth, ensuring no one is left behind. I eagerly anticipate the rigorous dialogues that will define this summit, generating pragmatic solutions for Africa’s development. This moment represents a watershed in the history of development finance for the continent.”
