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El-Shenety explained that the reason for the financing gap is the increase in supply by some companies targeting a specific segment at the same time and this is very clear with regard to second home projects in Ain Sokhna or the North Coast, the supply for which is more than demand, which in turn led to a funding gap.
If everyone pays their fair share - developing countries can close their financing gaps and promote inclusive growth.
A statement issued by the IMF on Saturday, a copy of which was obtained by Petra, said that raising additional revenues will allow developing countries to fill financing gaps and to promote development.
This is in turn engendering significant financing gaps for the fiscal and external accounts of these two countries, and triggering higher inflation.
Ashe stated that as a consequence, critical financing gaps remained, particularly with regard to agriculture, industrialization and infrastructure development.