Egypt’s FinMin calls for stronger private sector role in Africa

Egyptian Finance Minister Ahmed Kouchouk emphasised on Thursday the crucial role of the private sector in driving economic growth and development in Africa.

Minister Kouchouk made these remarks during his meeting with Mavis Owusu-Gyamfi, President and CEO of the African Centre for Economic Transformation (ACET) on the sidelines of the International Monetary Fund (IMF) and World Bank annual meetings in Washington DC.

He highlighted the importance of reforming multilateral international institutions to enhance the representation and role of African and emerging countries, thereby addressing their needs more effectively.

Moreover, the minister stressed the importance of innovative financing solutions, such as debt-for-investment swaps to reduce debt and concessional financing for sustainable development. He stressed that these measures are essential for African countries to achieve their development goals.

Attribution: Egypt’s Finance Ministry statement

Subediting: Y.Yasser