Minister of Planning Rania Al-Mashat held talks with William Roos, assistant minister of treasury of France for multilateral affairs, development and trade, and vice president of the Paris Club, on the sidelines of TICAD 9 in Yokohama.
Talks reviewed Egypt’s role in global financing forums, including the 4th International Conference on Financing for Development (FFD4) in Spain. The meeting also discussed Egypt’s participation in the Summit of the Future in September 2024, where the Bridgetown Initiative was launched. The initiative calls for reallocating Special Drawing Rights (SDRs) to support affected countries without adding new debt burdens.
The talks further reviewed Egypt’s role in discussions on the African Development Bank’s initiative for a hybrid capital-based mechanism to channel SDRs through multilateral development banks, aimed at helping developing countries finance climate action and development needs.
Both sides discussed recommendations on debt distress in developing countries and the Multilateral Development Banks’ (MDBs) report under the G20 Capital Adequacy Framework, highlighting the need to expand concessional and low-cost financing for developing economies.
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