Cairo – October 13, 2024: Marking the first time the Central Bank of Egypt (CBE) has participated in the BRICS meetings for finance ministers and central bank governors, Finance Minister Ahmed Kouchouk and CBE governor Hassan Abdullah participated in the group’s second meeting over the weekend.
During the meetings, Kouchouk emphasized the potential of the BRICS group to significantly reshape the global economic landscape in favor of emerging and developing countries.
He also highlighted the need for reforms in the international monetary system to establish a more balanced, inclusive, and equitable economic framework for these nations.
During a session focused on improving the global monetary and financial system, Kouchouk called for greater representation of emerging economies in global governance.
The minister underscored the importance of collaborating closely with BRICS partners to achieve economic stability, growth, and development while recognizing the New Development Bank as a powerful tool for funding sustainable development projects among member countries.
He noted that BRICS serves as a vital platform for regional integration across Africa, the Middle East, and Asia, fostering new investment, development, and trade opportunities.
Kouchouk highlighted Egypt's vision for enhancing economic activity, addressing regional challenges, and positioning the country as a regional hub for investment and exports, noting that the government continues to implement structural reforms aimed at bolstering private sector growth and increasing productivity by creating a business-friendly environment.
He pointed to the significant potential in clean energy production, particularly green hydrogen, and stressed efforts to attract private investments across various sectors, including manufacturing, exports, infrastructure, and technology.
The minister also outlined Egypt's strategy to gradually reduce external governmental debt levels, emphasizing the need to convert portions of this debt into investments. He expressed the country's commitment to diversifying financing sources, tools, markets, and currencies to alleviate debt burdens relative to GDP.
CBE governor Hassan Abdullah met with the Governor of the Central Bank of Russia and her deputy to address shared challenges. A CBE statement highlighted that Abdullah and his delegation’s participation is seen as an opportunity to advance discussions on collaborative financial and economic initiatives ahead of the upcoming BRICS summit in Kazan, scheduled for October 22-24.
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