Egypt’s Sisi calls for sustainable debt management at BRICS Summit
Egypt has called for increased international cooperation to address the growing challenges faced by developing countries, including rising debt, lack of financing, and widening inequalities.
During his speech at the BRICS Summit in the Russian city of Kazan, Egyptian President Abdel Fattah al-Sisi emphasised the need for innovative financing mechanisms and sustainable debt management strategies to support development in these countries. He highlighted the important role of the New Development Bank (NBD) in providing concessional financing for development projects.
“The shortcomings of the current international system are not limited to political and security issues, but also extend to economic and development matters. Developing countries are facing a growing debt burden, insufficient financing for sustainable development, and rising costs of borrowing.” President Sisi said.
“Egypt prioritises international cooperation to address these challenges. We advocate for innovative financing mechanisms and sustainable debt management strategies to support development in developing countries.”
President Sisi also stressed the importance of strengthening multilateral co-operation and elevating the voice of developing countries in international forums. He called for enhanced collaboration among BRICS countries to address global challenges such as climate change, food security, and poverty.
The expansion of BRICS membership signals the bloc’s desire to strengthen multilateral co-operation and amplify the voices of developing countries, he noted. Egypt supports enhanced consultation and coordination among BRICS nations to address shared global challenges, including “climate change, access to financing, food security, rising rates of poverty and hunger, and the digital divide.”
The Egyptian President proposed promoting co-operation in areas like local currency settlements and joint economic projects. He also stressed the role of the private sector in achieving sustainable development and called for increased collaboration between businesses in BRICS countries.
