At the preparatory meeting for the Fourth International Conference on Financing for Development (FfD) in New York, Egypt’s Finance Minister, Ahmed Kouchouk, called for intensified international efforts to ease development financing for developing countries, particularly in Africa.
The Finance Minister also highlighted the importance of implementing a comprehensive, integrated strategy to improve government debt indicators and increase spending on health, education, and social protection. He emphasized the potential of debt-for-investment swaps to stabilize African economies, particularly amid heightened global risks.
Kouchouk called for the international community, financial institutions, and the private sector to join the “Debt Alliance for Sustainable Development Initiative.” He further called on multilateral development banks to enhance financing facilities for developing countries, particularly for projects related to climate change adaptation and green transformation.
In addition to urging financial institutions to provide accessible financing, Kouchouk expressed Egypt’s strong commitment to working with international partners to meet global economic targets and ensure the continued progress of global sustainable development. He also stressed the importance of adopting innovative mechanisms and tools to reduce debt burdens, which will allow for greater fiscal space to support inclusive and sustainable growth.
The Minister reiterated Egypt’s objective to establish a more inclusive and flexible global debt resolution mechanism to address the challenges facing low and middle-income countries. He also advocated for the use of local currencies in financing to mitigate the burden of foreign debt, particularly as financing gaps widen due to global economic pressures.
“We must work together on global cooperation to fund programs aimed at tackling climate change,” Kouchouk said. “It is essential that there is a more equitable approach from international rating agencies to the conditions and challenges faced by developing nations.”
The meeting, which took place on the sidelines of the preparatory meeting for the Fourth International Conference on Financing for Development, reflects Egypt’s ongoing efforts to address Africa’s debt challenges while fostering an enabling environment for sustainable growth and international collaboration.
