Egypt, France in talks on sustainable financing, debt relief

Egypt’s Minister of Planning Rania Al-Mashat held talks with William Roos, Assistant Minister of Treasury of France for Multilateral Affairs, Development and Trade, and Vice President of the Paris Club, on the sidelines of TICAD 9 in Yokohama.

Talks reviewed Egypt’s role in global financing forums, including the 4th International Conference on Financing for Development (FFD4) in Spain and the Summit of the Future in 2024, where Egypt supported the Bridgetown Initiative to reallocate Special Drawing Rights (SDRs) without adding debt burdens.

The meeting also addressed Egypt’s participation in discussions on the African Development Bank’s hybrid capital mechanism to channel SDRs through multilateral development banks and its role in launching the Borrowers Forum platform alongside Spain, Zambia, UNCTAD, and the UN Secretary-General’s Expert Group.

Both sides discussed recommendations on debt distress in developing countries and the Multilateral Development Banks’ (MDBs) report under the G20 Capital Adequacy Framework, highlighting the need to expand concessional and low-cost financing for developing economies.

Attribution: Amwal Al Ghad English