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Egyptian President Abdel Fattah El-Sisi highlighted the importance of establishing innovative and effective mechanisms for development financing for developing countries as he addressed the 16th summit of the BRICS bloc of major developing economies.
During the second plenary expanded session of the summit, Sisi called for establishing comprehensive mechanisms to guarantee sustainable debt management for developing countries. He added that Egypt places a top priority on taking tangible steps to ensure that the international community performs its role in providing concessional financing necessary to achieve development in developing countries.
The president highlighted that developing countries are facing escalating debt issues and a lack of necessary financing to achieve sustainable development goals, in addition to the rising cost of financing and borrowing. Sisi stressed that the successive crises that have swept the world in recent years have “unequivocally demonstrated the international system’s inability to fairly address conflicts worldwide.” He stated that international developments have shown that the shortcomings of the current international system are not limited to political and security issues but extend to economic and developmental matters.
During his speech, Sisi underscored the importance of advancing cooperation frameworks regarding the use of local currencies for financial transactions. The president called for leveraging the comparative advantages of the BRICS countries to launch joint economic, investment, and developmental projects, especially in agriculture, industry, digital transformation, and new and renewable energy. He affirmed support for the significant role of the BRICS Business Council and the BRICS Women’s Business Alliance in enhancing collaboration between the private sector and business owners in member countries, as key partners in efforts to achieve sustainable development. Sisi reaffirmed Egypt’s commitment to the principles and axes of the BRICS bloc’s action, and its eagerness to enhance cooperation among its member states, contributing to maximizing its role in establishing security and stability, boosting global economic growth, and achieving sustainable development goals.
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Egypt officially became a member of BRICS in January. The intergovernmental organization comprises Brazil, Russia, India, and China as founding countries alongside other members: Egypt, South Africa, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
Through its BRICS membership, Egypt aims to boost its investment and foreign flows as well as to foster economic cooperation with other member states. Egypt’s participation in the current BRICS summit in Kazan constitutes the country’s first as a member of the group.
