Egypt’s Minister of Finance Ahmed Kouchouk emphasized that achieving sustainable development requires substantial budgets, necessitating collective efforts to yield tangible results. He highlighted that high financing costs remain the primary obstacle to sustainable development initiatives in developing and African nations.
Speaking at the 8th session of the meeting of government and finance experts held at the UNCTAD headquarters in Geneva, Kouchouk expressed Egypt’s aspiration for a more equitable global economic system that addresses the financial and developmental needs of African nations. He underscored the need for a more flexible global framework for innovative financing to provide substantial financial resources at lower costs and with more favorable terms for emerging economies.
He noted that international challenges and climate change have added significant pressures, making it imperative to explore innovative financing tools to alleviate the burden on emerging economies. These include mechanisms such as debt-to-investment swaps. He also highlighted the importance of expanding the use of guarantees and other tools to reduce the cost of development financing for developing countries.
Kouchouk stressed Egypt’s dedication to diversifying financing tools and markets to expand its investor base and reduce debt burdens. He pointed to Egypt’s successful experience in Asian markets through the issuance of Panda and Samurai bonds, showcasing the country’s growing engagement in these financial arenas.
Additionally, he mentioned Egypt’s ongoing efforts to foster trust and partnerships with the business community, aiming to broaden the tax base and enhance services for taxpayers. He noted that the first package of tax incentives is aligned with the state’s efforts to reduce financial burdens on investors, thereby supporting economic growth.
