(MENAFN- Daily News Egypt) Egypt's Minister of Finance, Ahmed Kouchouk, has said that Egypt looks forward to a stronger role for multilateral development banks and international financial institutions in reducing financing costs for member states and the private sector.

Speaking on the second day of the UNCTAD Conference in Geneva, Kouchouk emphasised the importance of scaling up innovative and blended financing mechanisms to ensure sustainable funding for development efforts, particularly in developing and African countries.

He underscored the vital role of blended finance in advancing the development agenda through more flexible and responsive instruments suited to emerging economies. Kouchouk also highlighted the need to reinforce multilateral development partnerships to close financing gaps that continue to hinder progress across the Global South.

The minister further stressed Egypt's call for fairer representation of African nations in international financial institutions and development banks. He pointed to the importance of enhancing domestic resource mobilisation through reforms that expand the tax base and the adoption of modern digital systems to improve financial management efficiency.

Kouchouk added that pursuing long-term development policies can help strengthen Africa's management of external debt. He also noted that expanding intra-African trade is key to improving the continent's competitiveness in global markets.

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