Finance will be a key issue at the ongoing BRICS Summit in New Delhi, with countries expected to discuss the integration of payment systems and the expansion of trade in national currencies to reduce the cost and time of cross-border transactions. This was stated by Eliane Boutros, Executive Director of the African Narratives think tank, in an exclusive interview with
Daily News Egypt, a TV BRICS partner.
“I expect an increase in lending by the New Development Bank and the formulation of a clear position on unilateral tariffs,” she noted.
According to her, one of BRICS’ main priorities will be the further institutional development of the group and the practical implementation of mechanisms that have already been created.
“The first achievement of BRICS was that it evolved from an acronym coined by a banker into a functioning group. The second, purely institutional achievement, was the creation of the New Development Bank and the Contingent Reserve Arrangement,” Boutros noted.
The expert identified the creation of a platform for countries of the Global South, enabling them to express their positions on reforming the International Monetary Fund, the World Bank and the UN Security Council, as the third achievement.
Speaking about Egypt’s accession to BRICS, Boutros noted that the country continues to maintain its traditional partnerships while building new ones. According to her, this approach allows Egypt to strengthen its position both in Africa and in the Arab world.
The expert highlighted four key areas of cooperation between Egypt and BRICS countries. One of them is the Suez Canal Economic Zone, which could become a manufacturing and logistics platform for the group’s countries and provide them with access to African and European markets.
Boutros identified the development of renewable energy and green hydrogen production as another promising area. The agro-industrial sector also plays an important role – in particular, the development of ties with Russia and Brazil, which could help expand markets for Egyptian products.
The expert identified attracting additional financing from the New Development Bank for infrastructure and economic projects in Egypt as the fourth area.