Egypt calls for stronger BRICS cooperation on finance, AI, development 

Egypt’s Prime Minister Moustafa Madbouly called for stronger multilateral cooperation and enhanced financial and technological integration among BRICS nations.

Addressing the 17th BRICS Summit held in Rio de Janeiro on 6–7 July, on behalf of President Abdel Fattah El Sisi, Madbouly warned of mounting global crises and the weakening of the international multilateral system, particularly affecting developing countries.

He pointed to growing debt burdens, inflationary pressures, and inadequate access to concessional finance as key obstacles hampering sustainable development across the Global South. The financing gap, he noted, now exceeds $4 trillion annually in developing nations.

Madbouly urged stronger coordination among BRICS central banks and renewed efforts to enable local currency settlements, in line with the group’s Cross-Border Payment Initiative. He also highlighted the role of the New Development Bank (NDB) in facilitating affordable financing and fostering joint investments through its new investment platform.

He underscored the importance of deepening cooperation between private sector players in BRICS member and partner countries, especially in critical sectors such as energy, manufacturing, and agriculture.

Turning to artificial intelligence (AI), Madbouly welcomed Brazil’s leadership in drafting the BRICS Leaders’ Declaration on Global Governance of Artificial Intelligence, calling it a vital step towards ensuring equitable access to advanced technologies and closing the digital divide.

Moreover, the prime minster called on BRICS members to chart a roadmap for technology transfer, capacity building, and knowledge sharing in emerging technologies, particularly AI.

Concluding his remarks, Madbouly reaffirmed Egypt’s full commitment to advancing cooperation within the BRICS framework to achieve shared development goals.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama