Egypt's Finance Minister Ahmed Kouchouk has called for enhanced international cooperation and coordination to ensure the availability of low-cost financing in support of global development efforts. Speaking on the first day of the United Nations Conference on Financing for Development in Spain, Kouchouk stressed the need to bolster private sector participation to bridge funding gaps and curb the escalating global debt crisis. The global debt crisis continues to undermine development efforts and jeopardise the ability of developing nations to achieve the Sustainable Development Goals (SDGs), he said, emphasising the importance of scaling up development finance and leveraging innovative financial instruments. Kouchouk pointed to blended finance, guarantees, the reallocation of special drawing rights (SDRs), and improved risk-sharing mechanisms through development banks as key proposals to advance development cooperation. He underscored that development policies and projects must align with national reform agendas. He also noted that Egypt has undertaken several initiatives to stimulate private sector engagement, enhance competitiveness, and improve the business climate. The private investments in Egypt are growing at a rapid pace, now accounting for more than 60 per cent of total implemented investments, Kouchouk added. Furthermore, the minister said Egypt has implemented tax facilitation measures to build trust with taxpayers and broaden the tax base. He noted that tax revenues recorded unprecedented growth without imposing additional burdens—on the contrary, existing burdens were reduced. The additional revenues were directed towards increased spending on healthcare, education, and targeted social protection programmes. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
