Additionally, the funding needed to implement developing countries’ pledges by 2030 is estimated at $6 trillion, while current flows do not exceed $100bn annually. Expert reports estimate the climate financing gap at $2.5trn, exacerbated by the debt crisis facing developing countries due to external factors. This debt crisis further constrains developing countries’ ability to access loans at affordable rates. These measures include accelerating the activation of debt management mechanisms for developing countries, including middle-income countries, by expanding debt-for-development swaps. Al-Sisi also urged countries to join the Sustainable Debt Alliance Initiative, launched by Egypt in collaboration with the United Nations Economic Commission for Africa.

Source: Daily News Egypt December 02, 2023 18:10 UTC