Prime Minister Moustafa Madbouli on Monday called for strengthening co-operation among BRICS central banks and enabling financial settlements in local currencies, in line with the BRICS cross-border payments initiative (BRICS Pay).
He underlined the importance of the New Development Bank in providing affordable financing, especially in local currencies, and its new investment platform to support joint investments among private sector entities in BRICS countries.
Madbouli was delivering a speech, on behalf of President Abdel Fattah El Sisi, during a session titled “Strengthening Multilateralism, Economic and Financial Affairs, and Artificial Intelligence” at the 17th BRICS Summit that kicked off on Sunday and wraps up Monday in Rio de Janeiro, Brazil.
The premier highlighted development challenges facing the Global South, noting that the development financing gap currently exceeds $4 trillion annually in developing countries.
“Developing countries should have access to concessional financing,” Madbouli said, reaffirming Egypt’s full commitment to enhancing cooperation with BRICS member states to achieve shared goals.
“This summit comes at a time when the world is grappling with complex crises and challenges, coupled with a retreat from multilateralism and weakening international systems,” Madbouli stated.
“Developing nations are particularly burdened by rising debt service costs, inflation, and limited access to affordable infrastructure financing, which is essential to improving the living standards of their peoples.
“Egypt believes in the necessity of strengthening the multilateral system, with the United Nations at its core, to address the growing and multifaceted challenges facing the global community.”
Madbouli underscored the pivotal role of the private sector as well as enhancing connections and collaboration between BRICS private sectors and partners to implement joint projects, particularly in energy, manufacturing, and agriculture.
