Egypt is advancing its sustainable development and green transition efforts with new debt-for-investment initiatives. Finance Minister Ahmed Kouchouk unveiled the programs at the preparatory meetings for the 4th International Conference on Financing for Development in New York, emphasizing Egypt’s commitment to increasing concessional development financing and expanding fiscal space for developing nations.

Kouchouk emphasized the need for greater private sector involvement in development financing, calling for a more attractive investment climate. He stressed the vital role of multilateral development banks in supporting member states and private enterprises, arguing that excessive debt burdens hinder low-and middle-income countries’ ability to respond to crises and invest in long-term development.

The minister advocated innovative debt relief mechanisms to free up fiscal space for inclusive and sustainable growth. He stated that Egypt is dedicated to collaborating with international partners to create a more comprehensive and flexible global framework for addressing debt challenges, especially for emerging economies.

Kouchouk also called for expanded local currency financing to reduce external debt pressures, noting that widening financing gaps and global economic uncertainties pose significant threats to sustainable development.

He urged the international community to bolster climate adaptation funding and advocated for credit rating agencies to assess developing nations’ economic conditions more fairly.