Egyptian Finance Minister Ahmed Kouchouk has called for the creation of new mechanisms for sustainable debt management in low and middle-income countries and the reform of the global financial structure to turn debt into opportunities for investment and development. Speaking at a roundtable on finance and debt during an UNCTAD conference in Geneva, Kouchouk said Egypt looks forward to a shared vision for an economic transformation towards more just, inclusive, and sustainable development. He highlighted the need for UNCTAD to play a larger role in addressing developmental challenges and finding innovative financing solutions. "Geopolitical tensions, climate change, food security, and the digital divide impose enormous pressures on developing economies," Kouchouk said, adding that it is essential to stimulate private sector investment to help bridge development gaps. He stressed the need to enhance the role of African countries in trade, development, and the global economy in a fair and balanced manner. "The African Continental Free Trade Area is a strategic opportunity to boost intra-regional trade and access to international markets," Kouchouk noted, renewing Egypt's commitment to multilateralism, the U.N. Charter, and collective dialogue to face international challenges.
