The objective of this extraordinary meeting is to find financial means to help the most impoverished countries in their fight against the effects of climate change, in view of the COP28 to be held in the United Arab Emirates in November 2023.

This summit will be held in collaboration with the Prime Minister of Barbados, Mia Mottley, sources from the French Presidency said and recalled that during the recently concluded COP27 in Egypt Mottley called for an overhaul of the international financial system to address climate issues better, a request that was supported by Emmanuel Macron.

Both leaders want to encourage major multilateral institutions, such as the International Monetary Fund (IMF) and the World Bank (WB), to establish financing solutions for the States with fewer resources such as the Resilience and Sustainability Trust Fund, created by the IMF in May.

This credit mechanism, endowed with 650 billion dollars, was created to help low- and middle-income countries facing long-term structural risks related to climate change and pandemic prevention, and Barbados will be the first State to benefit from it with 183 million dollars. jg/arm/mem/acm