International Relations and Cooperation Minister Ronald Lamola highlighted the significantly higher cost of capital for African countries compared to industrialized nations. He emphasized the need for “revolutionary solutions” to lower interest rates on loans, arguing that Africa shouldn’t face higher rates than developed countries for comparable loans.

This focus was a key topic during the G20 Sherpas’ meeting in Johannesburg, which began December 9. A meeting participant told Russian media that securing low-interest loans for African countries to develop rare earth metal and energy transition technology projects is a primary objective.

Pretoria assumed the G20 presidency from Brazil on December 1. The Sherpas’ two-day meeting aims to establish the G20’s agenda for the next year, Zane Dangor, Director-General of the South African Foreign Ministry and South Africa’s G20 Sherpa, said.