Egypt urges BRICS members support for developing countries against crises: PM Madbouly

Ahram Online , Thursday 24 Aug 2023

Prime Minister Mostafa Madbouly outlined on Thursday Egypt’s vision for the cooperation between the BRICS bloc and developing countries, stressing the importance of concerted efforts to address the challenges facing developing countries, especially the food crisis.

Egypt s Prime Minister Mostafa Madbouly during his participation in a dialogue session held on the sidelines of the 15th BRICS summit held in Johnsberg , South Africa. Photo : Egyptian cabinet

Madbouly's remarks came during his participation in a high-level dialogue session on cooperation between Africa and BRICS on the sidelines of the 15th BRICS summit in Johannesburg.

He welcomed Egypt's invitation to join BRICS, stressing that this step will make the "organization more effective and capable of expressing its views on the international stage.”

South Africa President Cyril Ramaphosa announced earlier on Thursday that the BRICS Club of Emerging Nations welcomes six new members –  Egypt, Argentina, Ethiopia, Iran, Saudi Arabia, and the UAE – whose membership will take effect starting 1 January.

Madbouly stressed the importance of coordinating and intensifying international and regional efforts to meet the needs of developing countries, highlighting Egypt's efforts in strengthening its ties with BRICS over the years through participating in various sessions under the format of "BRICS Plus."

He also mentioned Egypt's membership in the New Development Bank since 2021, stressing that Egypt looks forward to becoming an active and influential member.

Moreover, the prime minister asserted Egypt's commitment to economic and financial reform and to making the global system fairer, more just, and more responsive to the needs of developing countries, including those with middle incomes.

Madbouly highlighted the importance of providing mechanisms to alleviate the burden of external debts and proposing governance-related ideas for the global financial system.

He also said Egypt expected support for its recently launched "Debt Alliance for Sustainable Development" initiative, which aims to establish a common framework for organizing sustainable debt transactions and includes debt swaps for development projects.

In conclusion, the prime minister noted the importance of encouraging balanced deals and trade exchanges using local currencies between BRICS nations and developing countries, including African nations.

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