Cairo – Mubasher: The Minister of Finance, Mohamed Maait, affirmed that Africa has great developmental potential, but needs credit and development facilities to return to pre-pandemic growth levels.

On the sidelines of his participation in Paris Conference on Sudan Investment, Maait said that the country is looking for methods to help provide cash liquidity to African countries at a low cost, according to a statement on Tuesday.

Maait suggested the establishment of “Liquidity and Sustainability Fund” with a value of $30 billion to be funded from the reserves held by the International Monetary Fund (IMF).

The proposed fund will provide low-interest facilities to help African countries repay their debt.

The minister also proposed the launch of a new fund for combating poverty and accelerating growth with a value of $100 billion and the allocation of $10 billion for financing the purchase of COVID-19 vaccines for African countries.

He also suggested raising the IMF’s special drawing rights (SDRs) allocated for African countries, which stand at 5% or $33 billion out of the total allocation of $650 billion.