Egypt calls for stronger central bank cooperation, local currency use at BRICS summit
Speaking on behalf of President Abdel Fattah Al-Sisi, Prime Minister Mostafa Madbouly said the world was suffering from complex crises and a decline in multilateralism, and that BRICS countries should bolster their financial and economic ties to face these challenges.
'We must enhance cooperation between the central banks of the BRICS countries and advance our efforts in enabling financial settlements in local currencies, in line with the BRICS cross-border payments initiative,' Madbouly told a session titled 'Enhancing Multilateralism, Economic and Financial Affairs, and Artificial Intelligence.'
Madbouly stated that the world is experiencing a decline in the effectiveness of the international system, while developing countries are suffering from rising debt service burdens, inflation, and difficulty in accessing concessional financing for infrastructure projects.
'This situation has been further complicated by geopolitical tensions and conflicts, especially in the Middle East, which has resulted in other challenges such as illegal immigration and the displacement of populations,' he said.
Madbouly said that Egypt believes in the need to strengthen the multilateral system, with the United Nations at its core, and highlighted several priorities for the BRICS group.
He noted that the development finance gap for developing countries has exceeded $4 trillion annually and stressed the role of the BRICS New Development Bank (NDB) in providing concessional financing, particularly in local currencies.
The prime minister also emphasised the important role of the private sector and the need to enhance links between businesses in BRICS countries and partner nations to implement joint projects in energy, manufacturing, and agriculture.
On technology, Madbouly said Egypt welcomed the Brazilian presidency's efforts in drafting the 'BRICS Leaders' Declaration on Global Governance of Artificial Intelligence,' calling it a solid foundation for cooperation. He said BRICS nations need to formulate an effective roadmap for knowledge and technology transfer, as well as capacity building in advanced and emerging technologies, especially AI.
In his closing remarks, the prime minister reiterated Egypt's full commitment to enhancing joint cooperation with BRICS member states to achieve their common goals.
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