Egypt's Prime Minister Moustafa Madbouly called for a roadmap to improve developing countries' access to concessional, low-cost finance through reforms to the global financial system, as per a Cabinet statement. Speaking at the 4th United Nations Conference on Financing for Development, he noted that this requires reforming international financial institutions and multilateral development banks, and encouraging donor countries to meet their pledges. Madbouly also emphasised the urgency of addressing sovereign debt challenges in developing countries through the establishment of sustainable debt management mechanisms, according to the announcement. Furthermore, he highlighted the importance of providing developing countries with technical assistance, capacity-building, technology transfer, and support for the use of artificial intelligence in development efforts. The Prime Minister pointed out that the conference comes at a time of intense global challenges marked by escalating geopolitical tensions, unilateral measures, and widening development gaps between nations. He warned that the world is witnessing a decline in efforts to achieve the Sustainable Development Goals (SDGs) and a dangerous increase in the development financing gap, alongside the growing impacts of climate change and disruptions in global trade. Madbouly emphasised Egypt's 2022 launch of the NWFE programme as a platform to mobilise development financing, promote private sector participation, and support climate projects through innovative financing and investment guarantees. He added that Egypt has signed debt swap agreements totalling over $900 million with development partners, with some funds allocated to the NWFE platform. From 2020 to May 2025, Egypt secured around $15.6 billion in private sector financing, including $4 billion for NWFE projects. Madbouly reaffirmed Egypt's readiness to participate in the proposed UN platform for knowledge exchange and technical cooperation, in line with the Secretary-General's recommendations, according to the statement. Attribution: Amwal Al Ghad English
