Egypt is pushing for enhanced concessional development financing and expanded fiscal space for developing countries, Minister of Finance Ahmed Kouchouk stated at the Preparatory Committee Session for the 4th International Conference on Financing for Development (FfD4) in New York in New York. Kouchouk highlighted Egypt's plans for debt swaps linked to sustainable development and green transition projects, stressing the need to boost private sector participation by fostering a more attractive investment climate. He also called on multilateral development banks to expand financial support, noting that debt burdens hinder low- and middle-income countries from funding development and responding to crises. The minister further stated that Egypt is committed to working with global partners to achieve economic targets, urging innovative debt relief mechanisms and a more flexible global framework to address debt challenges. He also underscored the need for local currency financing to ease external debt pressures and warned that widening financing gaps threaten sustainable development. Moreover, Minister Kouchouk called for stronger global cooperation on climate adaptation funding and a fairer assessment of developing economies by credit rating agencies. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
