Maait calls for developing global financial structure to provide innovative products in Egypt

Maait calls for developing global financial structure to provide innovative products in Egypt

Minister of Finance Mohamed Maait stressed the importance of developing the global financial structure to keep pace with international developments. Maait believes the international community should further support developing countries and empower them, so that they could flexibly deal with global and local shocks. In addition, it is crucial to help emerging economies reach international financial markets through innovative tools and mechanisms that contribute to restructuring sovereign debts, and exchange them for environmentally friendly investments. This can be done through increasing the participation of the private sector in developmental and clean projects, which creates an economic and legislative climate that is more attractive to investors. During his participation in the Global Financial Structure session, on the sidelines of the G20 meetings in India, Maait put emphasis on the need for concerted international efforts to modernize the policies and practices of global and multilateral development banks. This comes with the aim of providing additional innovative and concessional financial resources to targeted financing burdens. All of this could help developing countries and African countries combat the negative effects of climate change in developing countries, to maximize cooperation efforts between governments, financial institutions and development partners. He stressed the need for more international