Egypt Launches Initiative to Ease Debts of Developing Countries

Egypt Launches Initiative to Ease Debts of Developing Countries

Egyptian Finance Minister Mohamed Maait called on Tuesday for easing the debts of developing countries by launching new consultations that “makes the debt crisis part of the solution”.

Maait presented the “Sustainable Debt Coalition” to transform the debt burdens of developing countries into sustainable solutions for green recovery.

The minister spoke at the meetings with African counterparts and UN officials on the sidelines of the Economic Commission for Africa (ECA) 2023 annual meeting in Addis Ababa, Ethiopia.

Maait warned that debts affect development priorities, and reduce the capital available for investment in climate, noting that the problematic financial situation of emerging markets hinders climate action and development.

The minister called for kicking off a new path of consultations that makes the debt crisis part of the solution by encouraging additional sustainable green investments and addressing environmental challenges.

He stressed that the initiative will help in creating financial space to promote environmentally friendly investments and provides a diplomatic opportunity to align on using key performance indicators for debt issuances, whether in the context of refinancing existing debt or for new issuances.

The Egyptian Ministry of Finance said the minister called on countries and financial institutions to join the initiative and establish a common framework to regulate sustainable