He pointed out that innovative and concessional financing tools must be widely activated to ensure the funding of development efforts in developing and African countries.
Speaking during his participation on the second day of the
UNCTAD conference in Geneva, the Minister said that blended finance plays an
influential role in driving the development path with mechanisms more
responsive to emerging economies.
He noted the importance of strengthening multilateral
development partnerships to bridge the financing gaps hindering development
progress in developing and African nations.
The Minister added that Egypt looks forward to more
equitable representation for African countries in international institutions
and development banks. He highlighted the necessity of maximizing efforts to
mobilize domestic resources in the African continent through reforms aimed at
expanding the tax base and adopting modern mechanization systems that enhance
financial management efficiency.
He further explained that adopting long-term development policies leads to improving the management of African countries' external debt, emphasizing the importance of boosting intra-African trade to maximize the global competitiveness of African countries and markets.