FM Shoukry calls for easing debt burdens on Africa

Ahram Online , Friday 10 Nov 2023

During his participation in the Saudi-Africa summit held in Riyadh on Friday, Egyptian Minister of Foreign Affairs Sameh Shoukry called for setting up a mechanism to ease the debt burden on African nations amid the economic impacts facing Africa due to the successive crises.

Egypt s Minister of Foreign Affairs Sameh Shoukry


Shoukry asserted that Egypt will continue to urge the international community to  "deal more effectively” with the African continent's economic challenges, including the debt burdens.

He also stressed the importance of reinforcing industrial transformation and agricultural productivity investment in Africa, maintaining the openness to global trade, and capitalising on the African Free Trade Agreement.

Africa’s debt rate has been on the rise, constraining its growth and development efforts. The continent’s debt rate has increased by 183 percent since 2010, recording $1.8 trillion in 2022, according to the United Nations Conference on Trade and Development (UNCTAD).

Egypt, Shoukry noted, interacts “seriously” with all challenges facing Africa, whether at the security, political or development levels.

He highlighted the Egyptian contributions to several projects in African countries, notably the Julius Nyerere Dam project in Tanzania, built by an Egyptian consortium.

The Egyptian private sector can implement giant projects with international specifications, said Shoukry.

Furthermore, he noted that Egypt, the current president of the African Union Development Agency, explores all possible ways to achieve the aspirations of the African people and implement the goals of the 2063 development agenda.

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