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Egyptian President Abdel Fattah El-Sisi underlined Egypt’s adherence to the principles and axes of action of the BRICS bloc, and its keenness to enhance cooperation among its countries in a way that contributes to maximizing its role in establishing security and stability, increasing global economic growth, and achieving the Sustainable Development Goals.

He made the remarks during the second session of the BRICS summit.

He said the expansion of BRICS membership at the beginning of this year reflects the intention of the bloc countries to enhance multilateral cooperation and uphold the voice and interests of developing countries at various international and regional forums.

He affirmed Egypt’s support for enhancing consultation and coordination among BRICS countries and intensifying cooperation to confront common international challenges, especially climate change, access to concessional financing, food security, mounting rates of poverty and hunger, and the widening digital and knowledge gap.

He added “Egypt also stresses the importance of advancing cooperation frameworks in the field of financial settlements in local currencies, and investing in the comparative advantages of the bloc’s countries to launch joint economic, investment and development projects, especially in the fields of agriculture, industry, digital transformation, and new and renewable energy. This is in addition to our support for the important role of the BRICS Business Council and the BRICS Women’s Business Alliance in intensifying cooperation between the private sector and business owners in the member states, as they are key partners in efforts to achieve sustainable development.”

The 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 issues as well. Developing countries suffer from the escalation of the debt problem and the lack of necessary funding to achieve the Sustainable Development Goals, in addition to the high cost of financing and borrowing. From this standpoint, Egypt accords priority to taking tangible steps to ensure that the international community undertakes its role in providing soft financing to achieve development in developing countries, through the creation of innovative and effective mechanisms for financing development, and comprehensive mechanisms to ensure the sustainable management of developing countries’ debts, Sisi added.

Egypt firmly believes in the importance of strengthening the multilateral international system, with the United Nations and its agencies at the core, as the fundamental pillar for preserving the gains of peace, stability and development, and the strong guarantee for safeguarding international peace and security.

Source: The Egyptian Gazette