President El-Sisi encourages multilateral institutions to reconsider conditions of getting soft loans
President El-Sisi stressed the call on multilateral institutions to reconsider the criteria and conditions that qualify countries to get soft loans.
This came during his speech at the opening session of the 58th annual meeting of the African Development Bank Group, held in Sharm El-Sheikh, May 22 to 26, under the supervision of President Abdel Fattah El-Sisi and the Central Bank of Egypt.
El Sisi stressed that funds provided by multilateral financial institutions are available to low- and middle-income countries alike, in light of escalating cost of borrowing and the increase in debt service burdens, and its negative repercussions on the financial budgets of those countries.
He also stressed the importance of these meetings to meet African countries needs, in terms of providing the necessary funds, and achieving development aspirations by stimulating multilateral international institutions to mobilize financing.
It is worth noting that Egypt started its activities at the conference as the host country, entitled “Mobilizing Blended Finance to Facilitate Green Transformation in Emerging Economies” moderated by Aliou Maiga, Regional Director of the Financial Institutions Group in Africa at International Finance Corporation.
The conference will discuss a number of important topics and files, led by the high-level presidential dialogue on the changing global financial structure and the role of multilateral banks.
The meetings will also witness the issuance of African Economic Outlook 2023 report on mobilizing private sector financing for climate and green growth in Africa, in addition to wide discussion sessions in the presence of leaders and officials from Egypt and African countries on benefiting from innovative financing tools to mobilize private climate investments in Africa.
The meetings witness key measures to achieve comprehensive growth and sustainable development in the continent, and the role of financial technology in launching sustainable and green finance.
