Mashat: Developing countries face 50 percent surge in debt service
Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, has said the developing countries are facing a 50 percent surge in debt service costs between 2022 and 2025, a matter that constitutes a major challenge to sustainable investments.
Her statements came during her participation in the preparatory meeting of the Fourth International Conference on Financing for Development (FfD4) due to be held in Spain in June in cooperation with the United Nations Development Program, the United Nations Department of Economic and Social Affairs the UNICEF and the European Union.
Mashat had met with Ms. Eva Granados Galeano, Secretary of State for International Cooperation in Spain, in the presence of Mr. Sergio Colina, General Director of Sustainable Development Policies.
The meeting covered cooperation relations between the two countries and arrangements for the Fourth International Conference on Financing for Development (FfD4), which will be held from June 30 to July 3 in Spain.
Mashat pointed out to the Ministry's efforts to promote structural reforms through the Development Policy Financing (DPF), which is being implemented in cooperation with the World Bank, the African Development Bank (AfDB), and the European Union (EU).
Regarding cooperation with the Spanish Agency for International Development Cooperation (AECID), Mashat pointed out that 20 programs and projects have been implemented in Egypt with the support of the Spanish Agency in many sectors and fields such as women's empowerment, water resources management, and support for the Egyptian private sector, in addition to developing the skills and capabilities of women in Upper Egypt. She affirmed the importance of periodic follow-up of these projects.
Future cooperation opportunities were also addressed to contribute to support sustainable development and various fields of development and economic cooperation.
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