Egypt’s Minister of Planning, Economic Development, and International Co-operation, Rania Al-Mashat, has urged the international community to take decisive action to alleviate the mounting financial pressures facing developing countries, particularly in Africa.
Speaking at the UN ECOSOC Forum on Financing for Development in New York, Al-Mashat highlighted the urgent need for enhanced debt solutions and reduced financing costs.
Al-Mashat emphasized that limited fiscal space, compounded by difficulties in accessing concessional finance, is hindering the progress of many nations. She stressed the critical role of transparent reform programs and the development of bankable projects in building investor confidence and securing affordable financing.
According to her, the substantial financing required to achieve the Sustainable Development Goals and climate action targets necessitates robust private sector engagement.
She said governments must foster a transparent, competitive, and investment-friendly environment to attract this crucial investment.
The minister acknowledged the availability of blended finance tools and grants but pointed out that many countries struggle to attract funding due to a lack of finance-ready projects.
Al-Mashat advocated for greater cooperation, knowledge sharing, and the adoption of successful models, citing Egypt’s “NWFE” program as a prime example of a national platform designed to attract private investment through well-prepared development projects.
Addressing the escalating debt crisis in developing nations, especially in Africa, Al-Mashat called for enhanced domestic resource mobilization, improved asset utilization, and increased private investment. She also highlighted Egypt’s positive experience with debt-for-development swaps, which have successfully redirected debt repayments towards impactful development initiatives while improving the nation’s credit rating.
The minister reaffirmed Egypt’s commitment to ongoing economic and structural reforms, promoting private sector participation, and strengthening collaborations with development partners to maximize technical and financial support.
