Khallaf added, in television statements to the “End of the Day” program on “An-Nahar” channel on Tuesday evening, that the Development Bank of the BRICS group represents a step towards reforming the global financial system.
Tamim Khallaf explained that the bank will provide soft financing to developing countries.
He pointed out that the issue of external debt will be among the issues that Egypt will raise during its participation in the BRICS summit, stressing that the group has all the capabilities to play an influential role in the global economy.
He noted that Egypt can achieve broad economic, commercial and investment gains and interests through its membership in the BRICS group.
He spoke about the weight of the BRICS group, saying: “After the recent expansion of its membership, it now includes 10 countries with significant weight at the regional and international levels, with a total population of 3.5 billion people, representing 45% of the world’s population.”
He stated that the economic value of the BRICS countries exceeds 30 trillion dollars, and they represent about 45% of crude oil production and 20% of the volume of global trade.
He pointed out that the holding of the BRICS summit in the Russian city of Kazan coincides with pressing economic and political challenges, most notably the crises in the Middle East region, and the repercussions of the economic crises that affected many developing countries, including Egypt.
He stressed that Egypt views the BRICS group as an economic bloc, stressing that Egyptian policy is balanced against polarization.
He pointed out that Egypt is working to have a voice heard within the group that expresses developing countries and the countries of the South in general.
On Tuesday, October 22, in Kazan, the capital of the Republic of Tatarstan, the events and activities of the BRICS summit in its 16th edition began with the participation of about 40 countries. The main theme of the summit is “Strengthening multilateralism for just global development and security.”
The group’s summit will continue for 3 days until next Thursday (October 24, 2024).
This is the first summit after five new countries joined the BRICS group in 2024.
BRICS included Russia, China, India, Brazil and South Africa.
As of 2024, Egypt, Iran, Ethiopia, and the United Arab Emirates have joined it. Saudi Arabia and Argentina have also been invited to join BRICS, and other countries, including Turkey, have expressed their desire to join the group.
Source: RT + “Al-Shorouk”
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