FM Calls for Financial Support to Developing Countries to Achieve Sustainability

Egypt's Minister for Foreign Affairs Samih Shoukry affirmed the need for reforming the international financial structure to assist developing countries in achieving sustainability.

In his address at a session of the UN General Assembly entitled: "Warn Growing Distrust, Divisions Are Driving Multilateral System towards Dysfunction", Shoukry called for enabling more concessional loans and grants, creating sustainable debt mechanisms for low- and middle-income countries, and re-structuring the debt structure by swapping debts through development projects.

The Minister drew attention to Egypt's water crisis, highlighting the scarcity of drinking water in the country. With a population of over 105 million people and low rainfall, Egypt needs to find ways to reuse water and import "virtual water" through food, which costs $15 billion annually.

Additionally, he talked about Ethiopia's construction of the Grand Renaissance Dam without prior impact studies, and noted that Cairo is working towards a binding agreement on the dam's operation while considering the interests of neighboring countries.