Egypt considers BRICS transitioning to settlements in national currencies important

CAIRO, October 23. /TASS/. Egypt attaches great importance to the transition to financial settlements in national currencies within the BRICS group and joint projects with other member countries in a number of industries, President of Egypt Abdel Fattah el-Sisi said at an expanded meeting of the BRICS summit in Kazan.

"Egypt considers it very important to further develop cooperation within BRICS. In particular, in matters of transition to financial settlements in local currencies, as well as the creation of joint projects with other member countries of the organization, for example, in the fields of industry, digitalization, renewable energy, and agriculture," he said.

El-Sisi stressed that Egypt is committed to intensifying consultations among BRICS members to address global issues such as climate change, food security, and bridging the technology gap.

Cairo also supports the organization's efforts to expand cooperation among member countries, expressing confidence that this policy will contribute to global economic growth, stabilizing the global situation and achieving the goals of sustainable development.

The 16th BRICS Summit, which is the key event of Russia’s chairmanship in the association, is being held in Kazan on October 22-24. The BRICS group was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining it in 2011.

On January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, became its full-fledged members. The Kazan summit will be the first to be attended by the new members of the association. Representatives of over 30 countries are expected to take part.

Origin: https://tass.com/world/1860821