Dr. Mohamed Maait, the Egyptian Minister of Finance, emphasized that financing gaps are expanding in developing countries, limiting their ability to achieve their developmental and climate aspirations.

Meanwhile, debt costs are increasing, and international aid is declining. Thus, providing appropriate financing to these countries is crucial to increase their ability to tackle rising public debt rates and other crises amidst global challenges, where the repercussions of the coronavirus pandemic and the war in Europe interweave with the negative effects of global warming and climate change.

The Minister stated during a briefing session on the Sustainable Debt Alliance on the sidelines of the International Monetary Fund and World Bank meetings in Washington that Egypt is looking forward to officially launching the Sustainable Debt Alliance next September.

This move will support green growth, contribute to tackling environmental challenges, and encourage additional green investments.

Twenty countries have expressed their desire to join the alliance, and Egypt is looking for more to make a strong push towards climate and development action. The goal is to create a financial space in developing countries to invest in infrastructure and achieve sustainable growth in the post-pandemic phase.

The Minister called on countries and financial institutions to join this initiative to strengthen international cooperation and establish a common framework for organizing sustainable debt transactions.

It would highlight the financial situation of emerging and developing economies, reduce the debt burden, and provide an opportunity to coordinate international efforts to promote environmental action while freeing up financial space for developing countries without causing any disruptions in the global financial market.

In this context, it is worth noting that Egypt has witnessed significant economic growth, with a growth rate of 5.6% in the fourth quarter of 2021.

The country has been able to manage the economic effects of the COVID-19 pandemic successfully, and it is now focusing on boosting its economic development efforts, with the government implementing many reforms to attract more foreign investment.