Home News The Finance Minister Urges for Increased International Funding for Developing Nations, Particularly in Africa

The Finance Minister Urges for Increased International Funding for Developing Nations, Particularly in Africa

The Finance Minister Urges for Increased International Funding for Developing Nations, Particularly in Africa

Mohamed Maait, the Minister of Finance, said that Egypt relies greatly on the support of the United States of America for providing the necessary funding for African countries to reduce the negative effects of climate change. This is especially important in light of the global economy suffering from a severe global inflationary wave, resulting from COVID-19 and the war in Europe. This has led to an increase in the prices of basic commodities and fuel; as a result of supply chain disruptions and increasing funding costs.

Maait met on Monday with Alexia Latortue, Assistant Secretary of the Treasury for International Trade and Development, and Daniel Rubinstein, the Chargé d’Affaires of the US in Cairo, on the sidelines of their participation in the COP27 in Sharm El-Sheikh.

Maait referred to the strength and depth of economic relations that bring together the two countries in various fields, and how they witnessed remarkable progress during the past few years.

He added that Egypt is keen to encourage the local and foreign private sector, due to its belief in its pivotal role in the sustainable development process, providing major investment opportunities, especially in the field of green hydrogen, electricity generation from new and renewable energy, water desalination, sustainable agriculture, energy and clean transportation. This contributes to the expansion of the green economy.

Maait stressed the importance of further boosting the role of global multilateral development banks in providing financing with facilities to developing and African countries in light of the global economic crisis, especially since the soft green finance available so far still does not meet the great development needs of African countries.

He added that Egypt is looking forward to a greater role for the global multilateral development banks, as the guarantees were not used sufficiently. This, during the past ten years, contributed to reducing the cost of financing in countries by 3.3%. This creates demand for expanding these guarantees, as well as linking them to environmental and social goals, and economic reforms, in order to achieve the lowest cost of green borrowing, in addition to mobilizing sources of private and mixed-finance, and prolonging maturities, with a higher credit rating for issuance.

Fiscal Stimulus Bolsters US Economic Growth in Q1, Fastest GDP Growth Since 2003

The second-fastest gross domestic product growth since the third quarter of 2003, reported by the Commerce Department on Thursday, left output just 0.9% shy of its level at the end of 2019.

US Economy Grew Robustly in First Quarter

GDP grew at a 6.4% annual rate in the quarter, leaving the economy within 1% of its peak.

Asia-Pacific Markets Broadly Lower As Investors Turn Cautious

Asia-Pacific markets struggled for gains Friday as investors turned cautious, despite a positive finish stateside in the previous session.

World Shares Near Record High on Strong US Economic Data and Earnings

US economic growth accelerated in the first quarter, fuelled by massive government aid.

How the US Won the Economic Recovery

I looked for a country that got the economic response to Covid-19 right. I found the US.

Barclays Boss Predicts Biggest Economic Boom Since 1948

The UK is about to experience its biggest economic boom since the aftermath of World War Two, according to Barclays boss Jes Staley. His upbeat...

Buying American Is Easier Said Than Done: Will Biden’s Plan Juice the US Economy?

Joe Biden and Donald Trump don't agree on much, but this much they do: We should buy American products. But that's easier said than done.

Silver Down As Dollar and Yields on Bonds Rose as US Economy Advanced

Benchmark U.S. 10-year Treasury yields hovered near a more than two-week high, increasing the opportunity cost of holding non-yielding bullion.

Yellen Doesn’t See Biden Plan Creating Inflation ‘Issue’

President Joe Biden’s economic plan is unlikely to create inflation pressure in the U.S. because the boost to demand will be spread over a decade, said Treasury Secretary Janet Yellen.

Inflationary Pressure, Hawkish Fed Official Remarks Keep US Stocks on Leash

Dow added 2.4%, the S&P 500 gained 5.6%, and the Nasdaq jumped 7%. Dow was down 0.54% at 33,875 while the S&P was down by 0.72%. Nasdaq was down by 0.85%.