Egypt to launch African Sustainable Debt Coalition Initiative prior to June
Updated 3/21/2023 11:57:00 AM
Arab Finance: Egypt is looking forward to launching the African Sustainable Debt Coalition Initiative in Cairo before June, Finance Minister Mohamed Maait said on March 21st during the 55th annual meeting of African Ministers of Finance, Planning and Economic Development in Addis Ababa.
Non-African countries could join the initiative in the future, Maait added, noting that an introductory session is likely to be hosted regarding the initiative and its goals next April on the sidelines of the spring meetings of the International monetary Fund (IMF) and World Bank.
Debt burdens of developing countries should be transformed to sustainable green recovery solutions; as debt affects development priorities and reduces the capital available for climate investment, he said.
Maait pointed out that the current financial situation of emerging markets impedes the green transformation process, and a new course of consultations must be launched that makes the debt crisis part of the solution by encouraging more sustainable investment flows.
The minister stressed the importance of providing adequate financing for developing and African countries to achieve sustainable and green development, while working to reform the structure of the global financial system.
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