UN Secretary-General Antonio Guterres noted that African countries face borrowing costs that ​are twice as high on average as advanced industrialised economies.

“That is not a ​market verdict on Africa. It is a verdict on the injustices of the system,” he told the summit.

Decrying what they say are biases against them ​that overstate the continent’s risk, African governments have called for changes to the methodologies used by credit ratings agencies.

Major agencies including S&P Global Ratings, Moody’s and Fitch reject accusations of regional bias, saying their ratings are based on globally applied, publicly disclosed criteria.

Macron’s proposal of a first-loss guarantee mechanism would help boost capital flows into Africa. It is ⁠part of a broader push to mobilise private capital for African nations as rich governments cut back on development financing in favour of defence ⁠and other domestic priorities.

While ​other G7 nations have voiced support for making global financial institutions more responsive to African needs, the level of support for specific proposals is unclear.