Egypt's Minister of Finance, Ahmed Kouchouk, announced new initiatives to swap debt for investments in sustainable development and the green transition, reaffirming the country's commitment to enhancing concessional development financing and expanding fiscal space for developing nations. Speaking at the preparatory meetings for the 4th International Conference on Financing for Development in New York, Kouchouk emphasized the need to increase private sector participation in development financing by fostering a more attractive investment climate. He underscored the critical role of multilateral development banks in providing greater financial support to both member states and private enterprises, highlighting that excessive debt burdens undermine the ability of low- and middle-income countries to respond to crises and finance long-term development. The minister stressed the importance of adopting innovative mechanisms to ease debt burdens and create additional fiscal space that supports inclusive and sustainable growth. Egypt, he noted, is committed to working with international partners to develop a more comprehensive and flexible global framework for addressing debt challenges, particularly for emerging economies. Kouchouk also called for expanding local currency financing options to mitigate external debt pressures, pointing out that widening financing gaps, coupled with global economic uncertainties, pose significant threats to sustainable development. Additionally, he urged the international community to strengthen climate adaptation funding and advocated for a fairer approach from credit rating agencies in evaluating the economic conditions of developing nations. Through these efforts, Egypt aims to enhance global financial cooperation and drive sustainable economic growth while ensuring a more balanced and equitable international financial system.
