Addressing domestic resource mobilization, tackling illicit financial flows, and enhancing regional integration were identified as crucial for financial stability, debt restructuring, and directing resources towards growth-oriented public spending.
Minister of International Cooperation (MoIC), Rania Al-Mashat, presented President Abdel Fattah El-Sisi’s speech, at the International Development Association (IDA) Africa Heads of State Summit held in Kenya.
El-Sisi emphasized the African summit's role in reminding us of the shared destiny of the continent and its potential for development. He emphasized the need to address the challenges faced by Africa, including climate change, epidemics, conflicts, and high debt levels, which have hindered economic growth.
Egypt's successful transition from an IDA beneficiary to a donor country was highlighted as an example of supporting other African nations.
The president highlighted that despite these challenges, Africa possesses natural resources that can drive economic development, job creation, and financial stability.
The speech emphasized Africa's valuable asset, its growing youth population, which is expected to become the largest global workforce.
To accelerate poverty reduction and economic growth, the President stressed the importance of multi-sectoral solutions, such as investing in human capital, digital transformation, strengthening local institutions, expanding energy access, improving communication and trade, and supporting climate adaptation and private sector investment.
Addressing domestic resource mobilization, tackling illicit financial flows, and enhancing regional integration were identified as crucial for financial stability, debt restructuring, and directing resources towards growth-oriented public spending.
Regional integration, including implementing trade agreements like the African Continental Free Trade Area, investing in efficient transport corridors and energy connectivity, and adopting the African propulsion system, were seen as opportunities to expand markets and create job opportunities.
Regarding financing and debt restructuring, the President called for increased concessional financing, led by IDA, to support comprehensive economic growth and sustainable development goals in Sub-Saharan Africa.
