Addressing economic crisis must not be at expense of developing nations: Sisi tells BRICS Summit

Ahram Online , Saturday 25 Jun 2022

President Abdel-Fattah El-Sisi emphasised that addressing the repercussions of the current economic crisis must not be at the expense of supporting the achievement of sustainable development in developing and least developed countries.



El-Sisi made his remarks during his virtual participation in a high-level dialogue session on global development within the framework of the BRICS Plus on Friday.

The summit was chaired by Chinese President Xi Jinping and included the participation of a number of heads of state and government.

El-Sisi expressed Egypt’s appreciation of the keenness of the BRICS grouping to adopt a common vision towards political and economic issues of interest to developing countries, particularly regarding the exploration of prospects for development cooperation and the support of development financing.

Developing and least developed countries still suffer from a shortage in financing for development, he pointed out, adding that this obstructs their efforts to achieve tangible progress towards the implementation of the 2030 Agenda.

He affirmed that the international community as a whole has to engage more effectively and positively in efforts to empower developing countries to achieve development and obtain the necessary financing.

The president also stressed that the achievement of development goals has to come in parallel with the consolidation of all international efforts to address various challenges, on top of which are the issues of terrorism and climate change.

“Terrorism remains among the biggest challenges that humanity faces in our time,” he underscored.

“This phenomenon violates the basic rights of citizens, mainly the right to life. It also hinders the efforts of governments towards achieving economic and social goals of their peoples,” El-Sisi stressed.

Furthermore, he called for adopting a comprehensive approach that includes various dimensions to dry up the sources of terrorism and prevent the provision of funding, safe havens, and media platforms to such organisations.

He also called for addressing the economic and social conditions and factors that push some towards extremism and join terrorist groups.

This approach, El-Sisi noted, requires intensifying international cooperation in order to ensure the sustainability of international peace and security.

Additionally, the Egyptian president highlighted the ramifications of climate change, saying that they have become a reality.

Climate change impedes development plans and threatens water and food security worldwide, he added, indicating that such impacts increase the frequency and complexity of conflicts and lead to a rise in irregular migration and internal displacement.

Egypt will be hosting the UN Conference of Parties on Climate Change (COP27) in Sharm El-Sheikh this November as part of its recent efforts to foster sustainability.

The country will exert every possible effort to achieve compatibility among all parties concerned with international climate action to reduce harmful emissions and support developing and least developed countries to adapt to the negative effects of climate change, the president asserted.

He also said that the COP27 will seek to contribute to the implementation of previous commitments and pledges regarding limiting the negative repercussions of climate change and addressing losses and damages.

Furthermore, El-Sisi expressed Egypt’s aspiration to strengthen cooperation between Egypt and the BRICS and benefit from its experiences in various fields in terms of achieving economic growth and sustainable development.

The BRICS include Brazil, Russia, India, China, and South Africa.

Egypt previously participated as a guest in the BRICS Summit that was held in China in September 2017.

During his speech, El-Sisi praised the growing position of the BRICS on the international scene, given that its member states represent more than 20 percent of the world’s GDP.

The group also plays a prominent role at political and economic international forums as well as in enhancing cooperation between the countries of the global south, El-Sisi noted.

The president also voiced Egypt appreciation for the Global Development Initiative proposed by China with the aim of refocusing on development issues through revitalising international development cooperation.

Additionally, he expressed Egypt’s pleasure to become a member of the New Development Bank in December 2021.

The bank can contribute through the financial instruments that it provides to increasing interaction among the BRICS and other developing non-member states, he said.

Joining the bank’s membership at this time proves the strength and resilience of the Egyptian economy and its ability to withstand shocks and overcome challenges, he stressed.

Moreover, Egypt looks forward to the bank supporting its efforts in achieving sustainable development, attracting foreign investment, and enhancing the role of the private sector, he added.

El-Sisi highlighted that Egypt has worked on localising the industry, maximising exports, and increasing allocations for social protection and support along with pension funds, while continuing to implement initiatives that seek to achieve the comprehensive and sustainable development goals.

He also highlighted that the Decent Life Presidential Initiative was launched in 2019 with the aim of improving the standards of living, infrastructure, and services in rural areas in addition to the 100 Million Healthy Lives Initiative, which was launched in 2018 to screen and eliminate hepatitis C and other non-communicable diseases.

Finally, El-Sisi reiterated that Egypt is relentlessly seeking to turn into a renewable energy hub by diversifying its production sources and expanding the production of green hydrogen, solar energy, and wind energy.

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