Egypt calls on the international community to restructure the debts of middle and low-income countries, and to use the debt-for-development swap mechanism as an innovative financing tool.
The country also encourages the adoption of economic development policies that promote growth, employment and increased productivity, while providing a favorable investment environment to attract domestic and international private capital, in multilateral cooperation to effectively and efficiently implement the European Union’s Carbon Border Adjustment Mechanism (CBAM), especially in developing countries.
This position was affirmed by the Minister of Planning, Economic Development and International Cooperation of Egypt and Governor of the World Bank, Rania al-Mashat, during her participation in high-level events within the framework of the 2024 Annual Meetings of the World Bank Group in the American capital, Washington, on the agenda and priorities of the African continent for the reform of the global financial architecture.
Ms. Mashat stressed the urgency of taking effective measures to restructure the global financial system and make development financing more fair and equitable.
She also mentioned that the African continent has a unique opportunity to accelerate its transformation into a single market, to become a major player in global value chains and a leading investment destination.
The Minister also stressed the need to reform the existing credit rating system by establishing a regional rating agency, which would help provide more accurate assessments reflecting regional economic conditions, social dynamics and political factors specific to Africa.