CAIRO/WASHINGTON – The financing gap in Africa leads to decline of developmental investment rates, Finance Minister Mohamed Maeet said Thursday.
The minister of finance said achieving the developmental and climate goals in the African countries demand easing the burden of debts which increased due to the global economic crisis.
Maeet asserted the necessity of promoting international efforts meant to reform debt structure to support sustainable development issues, adding that the current global financial system did not succeed in handling debt challenges facing African economies.
During his meeting with United Nations Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA) Claver Gatete – on the sidelines of the Spring meetings of World Bank and International Monetary Fund in Washington- the minister said that merging the informal official economy has become a necessary to stop decline of customs revenues in African countries, in addition to its negative impact on the process of attracting foreign investments.
Egypt presented, in cooperation with the ECA, workshops to build the customs capabilities of Sudan and Libya, added the minister.
The priorities of ECA are up to the goals of sustainable development, he said, urging the ECA to support the regional green and blue bonds.
