Egypt attends 2nd BRICS Finance Ministers and Central Bank Governors Meeting #NewsUnitedStates

As part of Egypt’s commitment to strengthening cooperation with global economic blocs, Hassan Abdalla, Governor of the Central Bank of Egypt, participated in the second BRICS Finance Ministers and Central Bank Governors meeting, chaired by Russia, held on 11 October, in Moscow.

The meeting featured extensive discussions among central bank governors on various topics, including economic cooperation, payment systems, AI applications, sustainability, and cybersecurity in the financial sector.

On the sidelines of the event, the Egyptian Central Bank Governor and his delegation met with the Governor of the Russian Central Bank and her First Deputy to discuss several mutual issues.

The Egyptian delegation included Rami Abul Naga, Deputy Governor, who took part in the fourth meeting of Deputy Finance Ministers and Central Bank Governors this year, held on Thursday. He also attended the seminar presenting the fifth edition of the group’s economic bulletin.

This marks the first participation of the Central Bank of Egypt in the economic and financial track of BRICS, following Egypt’s accession to the group in January. This inclusion provides an opportunity to address issues related to cooperation across various financial and economic fields ahead of the BRICS summit scheduled to take place in Kazan from 22 to 24 October.

During his participation in the session on improving the global monetary and financial system, Egypt’s Finance Minister, Ahmed Kouchouk, emphasized that BRICS can play a pivotal role in reshaping the global economic structure to favour emerging and developing countries. He expressed Egypt’s aspiration to reform the international monetary system and create a more balanced, inclusive, and equitable economic framework for emerging markets.

Kouchouk highlighted the need for a stronger voice and greater representation for emerging economies in global governance by developing international financial institutions. He reiterated Egypt’s commitment to stronger cooperation with all BRICS partners to achieve economic stability, growth, and development for their nations and people. He also noted that the New Development Bank is a powerful tool for BRICS in funding sustainable development projects across member states.