Egyptian Finance Minister Ahmed Kouchouk emphasized the critical importance of BRICS providing clear and tangible support to emerging economies facing mounting global challenges.
Speaking during the Special Session on Financial Issues at the BRICS Finance Ministers and Central Bank Governors meeting in Rio de Janeiro, Brazil, Kouchouk highlighted the urgent need for coordinated international action to address developing nation concerns.
The minister stated that unilateral measures undermine trust in global economic systems and obstruct development financing. He emphasized the importance of BRICS countries and stakeholders working together to ensure debt sustainability for emerging economies while promoting diverse financing tools, particularly debt swap initiatives.
Kouchouk highlighted the urgency of enabling developing countries to access fair and adequate climate financing, describing it as a pressing priority for sustainable development. He reiterated Egypt’s commitment to supporting a fairer international tax system aligned with United Nations Tax Convention principles.
The finance minister noted Egypt’s success in achieving high growth rates through substantial private sector expansion and robust private investment inflow recovery. He highlighted Egypt’s progress in fiscal discipline, citing a 35 percent increase in tax revenues without imposing new burdens through targeted tax facilitation measures.
“Egypt has demonstrated significant potential for cooperation in agriculture, manufacturing, and health sectors to support food and health security across the Global South,” Kouchouk stated. He called for innovative financing mechanisms through the new BRICS investment platform to accelerate infrastructure projects in developing regions.
Prime Minister Mostafa Madbouly attended the opening session on behalf of President Abdel-Fattah El-Sisi, participating in sessions dedicated to member states and holding bilateral meetings with participating heads of state and government leaders.
BRICS represents a bloc of eleven countries including Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, UAE, Ethiopia, Indonesia, and Iran, serving as a political and economic coordination forum for the Global South.
Formed in 2009 as a counter-balance to leading Western economies, the group expanded in 2024 with additions of Saudi Arabia, Egypt, UAE, Ethiopia, Iran, and Indonesia. The organization’s goals include strengthening cooperation among members, enhancing emerging economies’ roles in global governance, and promoting equitable reform of international institutions.
The summit convened under the theme “Peace, Security, and Reform of Global Governance,” addressing critical global crises affecting developing nations. Discussions focused on financial cooperation, trade facilitation, and sustainable development financing mechanisms.
Egypt’s participation reflects its strategic commitment to South-South cooperation and multilateral approaches to addressing global economic challenges. The country’s emphasis on debt sustainability and climate financing resonates with broader developing nation priorities within the BRICS framework.
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