South Africa to consider the utilisation of Pension Funds for Global Solidarity Funds for Development

Paris - South Africa is to consider the utilisation of millions of pension funds for the Global Solidarity Fund for Development, announced South African Minister of Foreign Affairs, Dr. Nkosazana Dlamini Zuma in Paris on Wednesday 1 March 2006.

Minister Dlamini Zuma was speaking during the Ministerial Conference on Innovative Funding Mechanism for Development convened by French President Jacques Chirac in Paris which ended on Wednesday 1 March 2006.

Minister Dlamini Zuma led a South African government-delegation to the Conference within the context of strengthening North-South relations with a view to advancing the consolidation of the African agenda.

The proposal to use pension funds for the global solidarity fund for development, will as and when approved by cabinet see South Africa becoming the 22nd country to join the fund in addition to France, Brazil, Chile, Luxemburg, Norway, Cyprus, United Kingdom, South Korea, India, Cameroon, Cape Verde, Congo Brazzaville, Germany, Madagascar, Mali, Morocco, Mauritania, Namibia, Lebanon, Mauritius and Ivory Coast.

Minister Dlamini Zuma’s announcement will serve to broaden international consensus on meeting the Millenium Development Goals and further upscale innovative funding mechanisms designed to effectively address global challenges.

There is growing consensus that developing countries not only need more resources, but fundamentally, resources of better quality. The implementation of innovative financing mechanisms would allow for the provision of additional funding on a stable and predicable basis, which could be allocated more effectively to long term programmes in a wide range of areas.
Minister Dlamini Zuma returns to South Africa on Friday, 3 March 2006.

Issued by Ronnie Mamoepa- 082 990 4853

C/O Department of Foreign Affairs
Private Bag X152
Pretoria
0001

2 March 2006