Egypt has urged BRICS member states to intensify cooperation between their central banks and accelerate the shift toward settling cross-border payments in local currencies, a move aimed at reducing dependence on traditional reserve currencies amid growing global financial uncertainties.
Speaking on behalf of President Abdel Fattah Al-Sisi at the BRICS Summit in Brazil, Prime Minister Mostafa Madbouly addressed a high-level session titled “Enhancing Multilateralism, Economic and Financial Affairs, and Artificial Intelligence.” In his remarks, Madbouly underscored Egypt’s strategic interest in reinforcing financial independence and regional stability through greater economic synergy among BRICS nations.
Systemic Reform Amid Global Financial Strains
Madbouly warned of a deteriorating global economic environment marked by rising debt, inflation, and tightening access to development finance, particularly for emerging markets. He called for urgent collective action to restore multilateral mechanisms and to provide concessional financing, especially through the BRICS-aligned New Development Bank (NDB).
The Prime Minister highlighted geopolitical tensions, particularly in the Middle East, as aggravating the economic fragility of many nations. He linked these factors to increased population displacement, irregular migration, and pressure on national infrastructure—issues that require robust multilateral responses.
South-South Partnerships
Egypt also called for deeper integration of private sector stakeholders across BRICS economies. Madbouly emphasized the value of joint investment projects in energy, agriculture, and industrial manufacturing, saying private sector linkages could serve as a vehicle for inclusive and sustainable growth across the Global South.
AI Governance: A Rising Priority
On the digital front, Madbouly welcomed the draft BRICS Leaders’ Declaration on Global Governance of Artificial Intelligence, spearheaded by Brazil’s summit presidency. He described the document as a “solid foundation” for international cooperation on emerging technologies and urged member states to move swiftly toward operationalizing a roadmap for technology transfer, capacity building, and AI regulation.
Egypt’s Expanding Role in BRICS
This year marks Egypt’s first full participation in the expanded BRICS framework, following its admission alongside several other emerging economies. Madbouly reaffirmed Egypt’s “full commitment to enhancing joint cooperation” and called for collective efforts to reshape global economic governance in a more equitable and multipolar direction.
