Washington: 'Egypt has developed leading experience in debt swap programs and national financing platforms to strengthen partnerships between development banks and international institutions,' Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat said on Friday 17/10/2025. Speaking during a panel discussion on global tax reform and domestic resource mobilization, Mashat emphasized the need for more sustainable and priority-driven financing mechanisms in developing countries.
According to State Information Service Egypt, the event was organized by the Independent Commission for the Reform of International Corporate Taxation (ICRICT) as part of the 2025 Annual Meetings of the World Bank Group and International Monetary Fund in Washington, D.C., running from October 13 to 18. Nobel laureate economist Joseph E. Stiglitz was among the participants.
Mashat noted that while development financing had long been central to international cooperation, it now accounts for less than 10% of external resources available to developing nations, according to the OECD's 2024 Development Cooperation Report. Debt servicing costs for these countries have tripled since 2010, data from the IMF shows.
'The key challenge today is how to finance sustainable development using innovative instruments amid growing global economic imbalances,' she said. Mashat called for a new development financing architecture that prioritizes domestic resource mobilization, tax justice, debt sustainability, and innovative partnerships.
She cited Egypt's Integrated National Financing Strategy (E-INFS)-the country's first national strategy aligned with the UN's Integrated National Financing Framework (INFF)-as a model for financing aligned with the Sustainable Development Goals (SDGs). 'The strategy aims to close financing gaps and ensure resources are allocated to key sectors,' she said.
Mashat also highlighted Egypt's Nexus of Water, Food and Energy (NWFE) platform, launched in 2022, as a practical example of blended finance. The platform integrates concessional finance and private investment to support climate-related projects, using tools such as grants and risk mitigation instruments, according to her.
ICRICT is an independent body of global leaders advocating for a fundamental reform of the international corporate tax system, citing an urgent need and unique opportunity to address current global inequalities.