Egypt launches ‘Ubuntu Iniatiative’ to help countries ease debt burdens

Egyptian Parliamentarian Sahar Albazar has launched the “Ubuntu Initiative”, a global initiative by parliament members from Egypt, Ghana, Senegal and Indonesia that seeks to create a new financial architecture that eases the debts facing lower middle-income countries and place them on the path to a greener economy.

The title comes from the South African philosophy of “Ubuntu”, which translates to “I am because you are,” and reflects the shared struggles of mankind.

The initiative has already drawn support from 42 countries, including Ukraine, and has been raised to figures such as French President Emmanuel Macron, G20 Sherpa of India Amitabh Kant, US Secretary of the Treasury Janet Yellen, the President of the World Bank Group Ajay Banga and Managing Director of the International Monetary Fund Kristalina Georgieva.