Egypt’s Minister of Finance, Ahmed Kouchouk, emphasized the need for substantial budgets and collaborative efforts to achieve sustainable development in developing and African nations.
Speaking at the 8th session of UNCTAD’s Intergovernmental Group of Experts on Financing for Development in Geneva, Kouchouk identified high financing costs as a major hurdle to advancing sustainable development programs.
He advocated for a more flexible global framework to facilitate innovative financing, enabling emerging economies to access significant resources with lower costs and easier terms. Additionally, he highlighted the potential of debt-to-investment swaps as a tool to alleviate financial pressures on developing nations.
Kouchouk stressed the importance of expanding the use of guarantees and other mechanisms to lower development financing costs. He noted that global challenges, including climate change, have intensified economic pressures, underscoring the urgency of adopting innovative financial solutions.
The minister also showcased Egypt’s efforts to diversify its financing tools and markets, particularly through its success in Asian markets with Panda and Samurai bond issuances. He emphasized the role of trust-building and partnerships with the business community in expanding the tax base and improving taxpayer services.
Kouchouk added that Egypt’s first tax relief package reflects the state’s commitment to easing financial burdens on investors and supporting economic growth.
