Rio de janeiro: Prime Minister Mostafa Madbouly delivered a speech during the session on "Enhancing Multilateralism and Economic, Financial, and Artificial Intelligence Affairs" as part of his participation, on behalf of His Excellency President Abdel Fattah El-Sisi, in the proceedings of the 17th edition of the BRICS summit hosted in Rio de Janeiro, Brazil, on 6th and 7th July.

According to State Information Service Egypt, at the beginning of his speech, the Prime Minister expressed his gratitude to Brazilian President Lula da Silva for hosting the summit and welcomed the heads of state and government from partner countries in the BRICS group. Dr. Mostafa Madbouly noted that the meeting takes place amidst complex global crises, a decline in multilateral action, and challenges within the international system.

The Prime Minister highlighted the increasing burdens on developing countries, such as debt servicing, inflation, and difficulties in securing adequate financing for developmental projects. He emphasized that geopolitical tensions, particularly in the Middle East, have exacerbated these challenges, leading to issues like illegal migration and displacement.

Dr. Madbouly stressed Egypt's belief in strengthening the multilateral system, with the United Nations at its core, to address these escalating challenges. He underscored the necessity of enhancing cooperation to overcome common hurdles, pointing out the significant financing gap for sustainable development in developing countries.

He noted the role of the New Development Bank in providing affordable financing and its 'New Investment Platform' aimed at joint investments, particularly in local currencies. The Prime Minister also emphasized the importance of cooperation among central banks of BRICS countries to enable financial settlements in local currencies.

Furthermore, he acknowledged the critical role of the private sector in bridging communication and collaboration between BRICS countries and their partners to implement joint projects in energy, manufacturing, and agriculture.

Dr. Madbouly welcomed the Brazilian presidency's efforts in drafting the "BRICS Leaders' Statement on Global Governance of Artificial Intelligence," which aims to ensure equitable access to advanced technologies and address the digital divide. He called for an effective roadmap for technology transfer and capacity building in emerging technologies, especially artificial intelligence.

In conclusion, the Prime Minister reiterated Egypt's commitment to enhancing joint cooperation with BRICS member countries to achieve shared objectives.