Egypt's President Attends Paris Summit for Global Financing Pact

Egyptian President Abdel-Fattah El-Sisi has arrived in Paris, France, to participate in the Summit for a New Global Financing Pact, scheduled for 22-23 June, according to Ahmed Fahmy, the Presidential Spokesperson.

El-Sisi's attendance at the summit signifies the strengthening strategic relationship between Egypt and France, as well as Egypt's active role as an emerging economy, Fahmy emphasized.

The president's involvement aims to bolster international initiatives that assist developing nations in accessing financial resources, thereby enabling them to confront the economic consequences of various global challenges such as climate change, the COVID-19 pandemic, the Russian-Ukrainian crisis, and subsequent energy, food, and supply chain crises.

During his time in Paris, President El-Sisi will prioritize addressing concerns specific to developing countries, particularly facilitating their access to essential financial flows amidst global crises, Fahmy stated.

Moreover, El-Sisi will advocate for effective support in achieving the Sustainable Development Goals (SDGs) by 2030, as well as urging developed countries to fulfill their commitments within the framework of the Paris Agreement on Climate Change.

Overall, the summit aims to strengthen international cooperation in formulating mechanisms that provide financing for sustainable development in emerging economies, the spokesperson affirmed.

The Summit for a New Global Financing Pact will convene on 22-23 June, as proposed by French President Emmanuel Macron after Egypt hosted the 27th session of the UN Climate Change Conference (COP27) on 22 November.

The summit, co-organized by France, Barbados, and India, seeks to establish the groundwork for a fresh global financing architecture to address climate change, the biodiversity crisis, and development challenges. It also aims to transcend the existing Bretton Woods financial system.

The goal is to forge a new consensus to combat poverty, reduce greenhouse gas emissions, and safeguard the environment, according to President Macron.

Additionally, the summit aims to provide fiscal leeway to countries facing short-term difficulties, particularly those burdened with high levels of debt, and promote private sector development in low-income countries.

Finally, the event will emphasize the importance of investing in green infrastructure for the transition to renewable energy in emerging and developing nations, while mobilizing innovative financing mechanisms for countries vulnerable to climate change.