CAIRO - 26 November 2024: Achieving sustainable development in developing and African nations requires substantial budgets and collective efforts to deliver tangible results, according to Egypt’s Minister of Finance, Ahmed Kouchouk.
Speaking at the 8th session of the eighth session of UNCTAD’s Intergovernmental Group of Experts on Financing for Development, he highlighted that high financing costs remain the primary obstacle to implementing sustainable development programs.
Kouchouk called for a more flexible global framework for innovative financing to provide significant financial resources under easier terms for emerging economies.
He also stressed the importance of adopting tools such as debt-to-investment swaps to ease financial burdens on developing nations.
The minister underlined the need to expand the use of guarantees and other mechanisms to reduce the costs of development financing.
He pointed out that international challenges and climate change have added to economic pressures, making innovative financing tools essential for addressing these issues.
Kouchouk also highlighted Egypt’s efforts to diversify financing tools and markets to broaden the investor base and reduce debt burdens.
He noted the country’s success in Asian markets with the issuance of Panda and Samurai bonds and underscored the importance of building trust and partnerships with the business community to expand the tax base and enhance services for taxpayers.
The minister added that Egypt’s first tax relief package aims to reduce financial burdens on investors.
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