Egypt calls for stronger BRICS role in private investment

Egypt is calling for a stronger BRICS role in mobilising private investment and closing development financing gaps in emerging economies, Finance Minister Ahmed Kouchouk said at a meeting of the bloc’s finance ministers and central bank governors on Thursday.

Kouchouk said BRICS should play a “pivotal and influential” role in driving growth and development across its member states, while urging greater cooperation on public-private partnerships and stronger risk-mitigation mechanisms to attract private capital.

The New Investment Platform should create new avenues for economic, financial, and trade cooperation among BRICS members, Kouchouk said, according to a statement from Egypt’s Finance Ministry.

He also said the New Development Bank could play a greater role in mobilizing investment and helping countries bridge development financing gaps.

Kouchouk called for unified mechanisms to strengthen domestic revenue mobilisation across BRICS countries, saying stronger domestic resources were essential to supporting development.

Egypt strongly supports BRICS efforts to establish a shared tax database and develop an advanced tax system tailored to the needs of young people and entrepreneurs, he said.

The minister also called for flexible financing channels to help emerging economies meet their development targets, particularly through greater access to low-cost financing.

Such financing could help channel more private investment towards productive and development-oriented sectors, Kouchouk said.

His comments come as BRICS members seek to expand economic cooperation and develop alternative sources of investment and financing amid persistent funding gaps facing emerging markets.