Al-Sisi calls for expanded concessional BRICS financing, says Egypt seeks presidency

Egypt’s President Abdel Fattah Al-Sisi called on BRICS leaders to expand access to innovative and concessional financing and strengthen the New Development Bank, while saying Egypt was looking to assume the group’s presidency in the near future. Speaking at a closed session of the BRICS summit in New Delhi, Al-Sisi said rising debt burdens and limited fiscal space were putting increasing pressure on developing countries and called for reforms to the international financial architecture. He welcomed the adoption of the New Development Bank’s 2027–2031 strategy and said Cairo hoped it would strengthen the bank’s ability to meet the financing needs of member states.

Al-Sisi said turmoil in the Middle East was affecting the global economy, trade, energy, and supply chains, underscoring the importance of maintaining stability and freedom of international navigation. He urged BRICS members to translate cooperation into specific projects and programmes that diversify sources of growth, raise productivity, and narrow development and technology gaps, while strengthening South-South cooperation. On food security, Al-Sisi said Egypt was continuing work to develop a grain and logistics hub aimed at strengthening food security and the country’s position as a regional trade and logistics centre. He also called for deeper cooperation on water, food, and energy security, sustainable agriculture, and water-resource management, as well as easier access to climate finance for developing countries. The transition towards low-emission economies should be fair and realistic and take account of countries’…