New York: Ahmed Kijok, the Minister of Finance, emphasized the need for intensified efforts by the international community to enhance accessible development funding and expand financial opportunities for developing countries. During the preparatory meetings for the Fourth International Conference on Financing for Development, Kijok highlighted the significance of new initiatives, such as debt swaps for investments in sustainable development and green transformation.

According to State Information Service Egypt, the minister stressed the importance of increasing the private sector’s role in development financing by fostering an attractive investment environment. He urged multilateral development banks to offer more financing facilities, recognizing that debt burdens hinder low- and middle-income countries’ ability to address crises and finance growth.

Kijok reiterated Egypt’s commitment to collaborating with international partners to achieve global economic goals. He advocated for innovative mechanisms to reduce debt burdens and create financial space for comprehensive growth, aiming for an inclusive global mechanism to address debt issues for developing nations.

The minister also called for exploring financing options in local currencies to alleviate external debt pressures, noting that global economic challenges widen financing gaps and impede sustainable development progress. He concluded by asserting the necessity of global solidarity in financing climate change adaptation programs and sought fair assessments from global rating agencies regarding the challenges faced by developing countries.