EGYPT PUSHES FOR LOCAL CURRENCY SETTLEMENTS AND TECH COOPERATION AT BRICS SUMMIT

Mostafa Calls for Deeper Financial Integration among BRICS Nations.

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Egypt Prime Minister, Mostafa Madbouly
Egypt Prime Minister, Mostafa Madbouly


Egypt has called on BRICS nations to accelerate financial integration and lead a shift toward local currency transactions, warning that the current global financial architecture no longer serves the interests of developing countries.

Speaking at the BRICS summit in Brazil on behalf of President Abdel Fattah Al-Sisi, Prime Minister Mostafa Madbouly urged fellow member states to deepen cooperation between central banks and implement the bloc’s cross-border payments initiative using local currencies. His remarks came during a high-level session titled “Enhancing Multilateralism, Economic and Financial Affairs, and Artificial Intelligence.”

Madbouly argued that the effectiveness of the international system is deteriorating, particularly for developing economies facing mounting debt burdens, high inflation, and restricted access to infrastructure financing.

“We must enhance cooperation between the central banks of the BRICS countries and advance our efforts in enabling financial settlements in local currencies,” he stated, positioning Egypt as a vocal advocate for financial sovereignty within the BRICS framework.

Amid rising geopolitical tensions, especially across the Middle East, Madbouly said that regional instability is fueling migration crises and economic uncertainty. He emphasized that BRICS must not only react to global developments but also drive new financial and technological norms that prioritize equity and development.

He highlighted the staggering $4 trillion annual development finance gap affecting low- and middle-income nations and urged the BRICS-led New Development Bank (NDB) to scale up concessional lending in local currencies.

Egypt also threw its weight behind deeper collaboration in the fields of energy, manufacturing, and agriculture, calling for stronger ties between private sector players across BRICS and partner countries.

On the technology front, Madbouly praised Brazil’s leadership in shaping the BRICS Leaders’ Declaration on Global Governance of Artificial Intelligence. He called it a crucial step toward establishing ethical standards and equitable access to AI tools, proposing a roadmap for technology transfer and capacity-building.

In his closing statement, Madbouly reaffirmed Egypt’s full commitment to the BRICS vision, stressing the need for shared responsibility in building a more inclusive, multipolar world order.

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