Egypt called on the international community to restructure the debts of middle and low-income countries, and use the debt swap mechanism for development as an innovative financing tool.
It also called for adopting economic development policies that support growth, employment and increased productivity, while providing a favorable investment environment to attract international and local private capital alongside multilateral cooperation to implement the European Union’s Carbon Border Adjustment Mechanism (CBAM) efficiently and effectively, especially in developing countries.
This came during the participation of Minister of Planning, Economic Development and International Cooperation and Governor of Egypt at the World Bank, Rania al-Mashat in high-level events within the World Bank Group’s 2024 annual meetings in the US capital, Washington, on the African continent’s agenda and priorities for reforming the global financial architecture.
Mashat stressed the urgency of taking effective steps towards restructuring the global financial system, making development financing more just and equitable.
She added that the African continent has a unique opportunity to accelerate its transformation into a single market, to become a major player in global value chains and a major investment destination.
The minister also pointed to the need to reform the existing credit rating system by establishing a regional credit rating agency, which in turn would contribute to providing more accurate assessments that reflect regional economic conditions, social dynamics and political factors specific to Africa.
