Egyptian President Abdel Fattah El-Sisi kick-started his activities in Paris by participating in the inaugural session of the International Summit “New Global Financing Charter”. The President will present Egypt’s vision concerning the development of policies and practices of multilateral development banks.
In an interview with the media delegation accompanying the president on his visit to Paris, the spokesperson for the Presidency, Counselor Ahmed Fahmi stated that this summit was held on a French initiative and aims to address the structural imbalances in the global financing system. The Summit brings together leaders of both developing and developed countries to address a complex crisis which started with the COVID-19 pandemic, escalated with the Russian-Ukrainian crisis, and has now led to significant disruptions in supply chains and the global food market.
Fahmi added that Egypt has a strong economic foundation due to the massive projects that were established and carried out over the past years. These projects have strengthened Egypt’s resilience against these crises, allowing its economy to continue growing despite the severe crisis caused by inflation – a point that France will focus on during the Summit.
Furthermore, the summit will also tackle challenges posed by climate change, especially in developing countries. It calls for a reform and enhancement of the multilateral financial system to make it more responsive to the needs of developing countries and more capable of withstanding crises.
Fahmi pointed out that Egypt was invited to this summit due to its ongoing and effective contributions to climate change issues, including hosting the COP 27 Climate Change Conference in Sharm El-Sheikh. During this conference, Egypt proposed its vision for green growth, focusing on job opportunities and decent livelihoods through a just transition to sustainable consumption and production patterns, optimal use of natural resources, and energy efficiency.
At the roundtable where President El-Sisi will participate, Egypt will propose new mechanisms in green growth partnerships. Additionally, President El-Sisi will take part in the closing session on Friday to further discuss Egypt’s vision in developing policies and practices of multilateral development banks, aiming to maximize their ability to grant financing and facilitate access for developing countries.
Fahmi confirmed that Egypt’s central message during the summit is that the problem of development and financing is not only related to developing countries, but it is a global issue that concerns all countries in an increasingly interconnected world. Alongside the summit, President El-Sisi will also meet with several officials and participating leaders.
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