Cairo: The launch of the "Borrowing Countries Platform" has crowned the efforts of the Ministry of Foreign Affairs, International Cooperation and Egyptian Expatriates as the platform is one of the leading international mechanisms that reflect Egypt's ability to shape global agendas that serve the priorities of developing countries and amplify their voice in the global economic system.
According to State Information Service Egypt, the platform's launch was announced during a high-level event attended by Ant³nio Guterres, Secretary-General of the United Nations, his Deputy Amina Mohammed, along with heads of governments, ministers, and senior representatives from over 30 countries, reflecting the international momentum and widespread support the initiative has received.
This achievement is the culmination of Egypt's pivotal role in advocating for the inclusion of the establishment of a platform for borrowing countries in the outcomes of the Seville International Conference on Financing for Development (FfD4).
Through its active diplomatic efforts, especially via its permanent mission in New York and the Multilateral Economic Affairs Sector, Egypt successfully garnered international support for this proposal, showcasing its leadership in advocating for debt burdens and sustainable development for developing countries.
In a clear embodiment of international confidence and recognition of Egypt's leadership role, member states unanimously agreed to entrust Egypt with the transitional presidency of the platform for a period of 6 months. This will allow Egypt to complete its institutional and organizational development, solidifying Egypt's position as a key driver of multilateral action and a trusted partner in crafting innovative solutions for global economic challenges.
Egypt was also chosen to lead the technical working group responsible for launching the platform, reflecting the international trust in its institutional and diplomatic capabilities, as well as its constructive role in advancing the priorities of developing countries within the multilateral system.
Over the past six months, Egypt has led intensive efforts to form a core group representing different geographic regions. It has worked closely with the United Nations Conference on Trade and Development (UNCTAD) to develop the institutional framework for the platform, including working mechanisms, objectives, and membership criteria, in a model that exemplifies Egypt's effective leadership based on consensus and partnership-building.
The Borrowing Countries Platform represents a qualitative addition to the international economic infrastructure, providing an unprecedented institutional framework for the exchange of information and experiences between borrowing countries. This strengthens their negotiation capacity, improves borrowing conditions, and supports more informed and independent financial decision-making, ultimately serving their national interests and reducing the burdens associated with development financing.
The platform also serves as an important tool for unifying the positions of developing countries in international forums, enhancing their ability to present a unified stance on debt and financing issues. This contributes to rebalancing the international financing system and reflects Egypt's unwavering commitment to supporting the priorities of the Global South and advancing towards a more just and inclusive international economic system.