Egyptian Minister of Foreign Affairs Badr Abdelatty speaks during his speech in a BRICS foreign ministers’ meeting hosted by India on the sidelines of the 80th session of the UN General Assembly in New York. Photo courtesy of Egyptian cabinet.
Badr Abdelatty told the gathering, held on the sidelines of the 80th United Nations General Assembly, that the Global South needs concrete tools to meet its development goals, citing critical financing gaps.
He praised BRICS’ defence of multilateralism and urged a “fairer, more inclusive global economy.”
The minister emphasized the importance of increasing local currency usage in cross-border payments, enhancing lending by the New Development Bank, and accelerating joint projects in energy, manufacturing, infrastructure, and emerging technologies, such as artificial intelligence.
Abdelatty also pressed for coordinated reforms of the global financial and debt architecture to reflect the priorities of developing nations and secure more affordable financing.
On regional issues, he condemned Israel’s war on Gaza, rejected any plans to forcibly displace Palestinians, and reaffirmed Egypt’s support for a two-state solution based on the 1967 borders with East Jerusalem as the capital.
BRICS, originally formed in 2009 as a counterweight to Western economies, now comprises 11 members after its 2024 expansion, which included Saudi Arabia, Egypt, the UAE, Ethiopia, Iran, and Indonesia.
The bloc aims to amplify the voice of the Global South in international institutions, including the United Nations (UN), International Monetary Fund (IMF), World Bank (WB), and the World Trade Organization (WTO).
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