As part of Egypt’s efforts to strengthen cooperation with the world’s economies, Hassan Abdallah, Governor of the Central Bank of Egypt, attended the second BRICS Finance Ministerial Meeting, chaired by Russia, held in Moscow on October 11. Attended a meeting of central bank governors.
The meeting featured extensive discussions among central bank governors on a variety of topics, including economic cooperation, payment systems, AI applications, sustainability, and cybersecurity in the financial sector.
On the sidelines of the event, the Governor of the Central Bank of Egypt and his delegation met with the Governor of the Central Bank of Russia and his First Deputy Governor and discussed several mutual issues.
The Egyptian delegation also included Deputy Governor Rami Aboul Naga, who participated in this year’s fourth Deputy Finance Ministers and Central Bank Governors’ Meeting held on Thursday. He also attended a seminar to announce the fifth edition of the group’s business magazine.
Following Egypt’s accession to BRICS in January, this will be the first time for the Central Bank of Egypt to participate in the BRICS economic and financial path. This addition provides an opportunity to address issues related to cooperation across various financial and economic sectors ahead of the BRICS Summit scheduled to be held in Kazan from 22 to 24 October.
Egypt’s Finance Minister Ahmed Kouchok, while participating in a session on improving the global monetary and financial system, said that BRICS will play a vital role in restructuring the global economic structure in favor of emerging and developing countries. He emphasized that it can be accomplished. He expressed Egypt’s desire to reform the international monetary system and create a more balanced, inclusive and fair economic framework for emerging markets.
Mr. Kouchok emphasized the need to strengthen the voice and representation of emerging countries in global governance through the development of international financial institutions. He reiterated Egypt’s commitment to strengthen cooperation with all BRICS partners to achieve economic stability, growth and development for the country and its people. He also pointed out that the New Development Bank is a powerful tool for BRICS to finance sustainable development projects across member countries.
