Wednesday 27 Nov
Finance Minister Ahmed Kouchouk emphasized that sustainable development demands substantial financial resources, necessitating collective efforts to achieve tangible outcomes. He highlighted that the high cost of financing poses a significant challenge to sustainable development initiatives and programs in developing and African countries.
Addressing the eighth session of the special meeting of government experts and financing and development experts at UNCTAD headquarters in Geneva, the minister underscored the need for a more equitable global economic system that effectively addresses the financing and development needs of African countries. He called for a more flexible global framework for innovative financing to provide ample financial resources at lower costs and more favourable terms for emerging economies.
The minister further noted that international challenges and climate change have imposed additional burdens. He advocated for innovative financing tools, such as debt-for-investment swaps, to alleviate these burdens on emerging countries. Additionally, he stressed the importance of expanding the use of guarantees and other instruments to reduce the cost of development financing for developing countries.
Kouchouk explained that Egypt is committed to diversifying its financing tools and markets to broaden its investor base and mitigate debt burdens. Egypt gained a good experience in Asian markets after successfully issued Panda and Samurai bonds. The country is actively working to foster trust and partnerships with the business community to expand the tax base and enhance services provided to financiers. The first package of tax incentives reflects the government's efforts to reduce financial burdens on investors.
