CAIRO – Minister of Finance Ahmed Kouchouk said that Egypt seeks to be a regional hub for investments, exports, and production of clean energy sources, particularly green hydrogen.
This came during his first participation in the 2nd meeting of BRICS ministers of finance and Central Bank Governors, hosted by Moscow.
Speaking at a session, titled “improving the global monetary and financial system,” the minister underlined Egypt’s vision to boost economic activities in Egypt and address regional challenges.
Egypt seeks to attract more private investments in productive sectors, export activities, infrastructure and technology, the minister said.
He stressed that Egypt proceeds with structural reforms to enhance private sector role and increase productivity rates via creating an investor-friendly environment.
Kouchouk said Egypt works on reducing the external debt and converting debt into investments.
He said that Egypt is keen to diversify sources, tools, markets and currencies of financing to reduce the debt-to-GDP ratios.
“We also seek to increase the multilateral channels of concessional financing from development banks, international institutions and partners and make optimal use of available sustainable finance methods,” he added.
He also called for enhancing “blended financing” models to promote cross-border partnership between the public and private sectors.
Kouchouk expressed keenness on directing development funds to develop infrastructure and meet social needs, particularly in the health and education areas.
The BRICS group could play an influential role in reshaping the global economic structure in favor of emerging and developing countries, he said.
“We look forward to reforming the international monetary system and establishing a more equitable and balanced economic empowerment framework for emerging markets,” he explained.
“We seek a stronger voice and greater representation of emerging economies in managing global issues through the development of international financial institutions”, he added.
The minister underlined that the BRICS meeting is an important platform for regional integration between Africa, the Middle East and Asia and the creation of new investment, development and trade opportunities.
The finance minister concluded by underlining Egypt’s keenness on having stronger cooperation with all partners in the BRICS to achieve economic stability, growth and development, taking into account that the New Development Bank (NDB), established in 2015 by the BRICS countries, that is a powerful tool for financing sustainable development projects carried out in its member states.
