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Egypt drives African union into tackling debt problem

Cairo, Mar 22 (Prensa Latina) Egypt urged the rest of the African continent to support a unification project of the continent's position in international forums in front of the debt crisis, the Ministry of Finance reported.

The call was made by the head of the Ministry, Mohamed Maait, during several meetings with African counterparts and UN officers, on the sidelines of the annual meeting of the Economic Commission for Africa (ECA), held in Addis Ababa, Ethiopia.

Maait encouraged the ECA to support the sustainable debt coalition initiative, announced by Cairo´s authorities last November during a climate summit. “We hope to launch the project in the coming months,” he said and also defended the inclusion of countries from other continents.

Egypt’s initiative aims to be a platform for debt refinancing efforts, encouraging additional sustainable green investments, and addressing environmental challenges.

According to the statement, in the meetings with his African counterparts, Maait emphasized on the importance of coordination so that the continent may speak with one voice on this issue.

President of Egypt Abdel Fattah El-Sisi warned last month that the international economic crisis is undermining Africa’s development efforts, forcing it to seek new and unconventional financial resources.


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