Maait: Access to international markets to finance the needs of developing countries is “very expensive”
Dr. Mohamed Maait, Minister of Finance, stressed that the global financial structure is no longer a friend of emerging markets, as access to international markets to finance the needs of developing countries has become “very costly,” explaining that we look forward to the “multilateral development” banks to be the supportive voice for emerging economies, especially In light of the intertwined global challenges that affected the supply and supply chains, caused high financing costs, and triggered an unprecedented inflationary wave that we have not witnessed in more than 40 years.In several separate meetings with representatives of HSBC, Euroclear and BP banks, the minister said. that. with me. Paribas, Euromoney, and A. with me. C, and Emirates National Dubai, on the sidelines of its participation in the meetings of the International Monetary Fund and the World Bank, that it is necessary to ensure the availability of soft green finance for emerging countries that achieve the sustainable development goals, and support the equitable transition to low-emissions development with innovative financing mechanisms, most notably green and blue bonds. International financial institutions and multilateral development banks to enhance the capacity of African countries to benefit from the Financial Stability Board (FSB) and the Resilience and Sustainability Fund (RST); In view of their essential role in supporting developing countries in facing climate change and the “Corona” pandemic, as well as their role in improving the resilience of these countries.The minister added that global banks are the largest supporter of the transformation of the green economy, through their adoption of effective policies, plans and initiatives targeting diversity among adaptation projects and mitigating the repercussions of climate change, stressing the need to join efforts to confront development financing challenges, especially in light of the current circumstances that have cast a shadow on the world economies.The minister indicated that we are working hard to attract environmentally friendly investments, such as: “Manufacture of electric or natural gas-powered cars, solar energy, green hydrogen, seawater desalination, and wind energy generation,” and that we are keen to diversify sources and financing tools between issuing Green bonds, samurai bonds, panda bonds, and we also aim to issue sustainable development bonds with a social dimension.He pointed out that the increase in the value of Egyptian exports by 36% during the first half of 2022 confirms that we are on the right track to reach the dream of $100 billion annually, explaining that the remittances of Egyptians working abroad have witnessed a remarkable development during the past five years, confirming their confidence in the Egyptian economy.The minister affirmed that we are working to expand the private sector’s participation in vital areas through the “State Ownership Policy Document,” which serves as a future map that opens new investment horizons, establishes strong mechanisms for market regulation, and provides golden investment opportunities in promising sectors.
