Egypt president in Paris to attend Summit for Global Financing Pact

Ahram Online , Wednesday 21 Jun 2023

Egypt’s President Abdel-Fattah El-Sisi arrived in Paris, France, on Wednesday to attend the Summit for a New Global Financing Pact, scheduled for 22-23 June, said Presidential Spokesperson Ahmed Fahmy.

File Photo: Egypt s President Abdel Fattah al-Sisi addresses a joint press conference with the German chancellor at the Chancellery in Berlin on July 18, 2022. AFP


El-Sisi’s participation in the event reflects the growing strategic relations between Egypt and France and Egypt’s active role as an emerging economy, he added.

This role contributes to strengthening international initiatives that support developing countries and facilitate their access to financial liquidity, Fahmy added.

This will allow them to face the economic repercussions of the many successive global challenges such as climate change, the coronavirus pandemic, the Russian-Ukrainian crisis, and the subsequent energy, food, and supply chain crises, he continued.

In Paris, Egypt’s president will focus on developing countries’ concerns, mainly facilitating access to needed financial flows for countries struggling from global crises, Fahmy added.

El-Sisi will also push for the provision of effective support for the achievement of the Sustainable Development Goals (SDGs) 2030 as well as the commitments made by developed countries within the framework of the Paris Agreement on Climate Change.

Overall, the summit aims to strengthen international cooperation to formulate mechanisms that provide financing to achieve sustainable development in emerging economies, the spokesperson affirmed.

Summit for a New Global Financing Pact

The summit will take place on 22-23 June as per the desires of French President Emmanuel Macron originally expressed following Egypt’s hosting of the 27th session of the UN Climate Change Conference (COP27) on 22 November.

It is organized by France, Barbados, and India to set the foundations for a new global financing architecture to address climate change, biodiversity crisis, and development challenges. The summit also aims to extend beyond the Bretton Woods financial system.

It is meant to build a "new consensus" to tackle poverty, curb planet-heating emissions, and protect nature, the French president said.

The summit also aims to restore fiscal space to countries facing short-term difficulties, particularly the most indebted countries, and promote private sector development in low-income countries.

Finally, it will focus on encouraging investment in green infrastructure for the energy transition in emerging and developing countries and mobilizing innovative financing for countries vulnerable to climate change.

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