BRICS to be linked with neighboring countries through cross-border projects supported by new development bank

Minister of Finance, Ahmed Kouchouk, highlighted the importance of linking "BRICS" group with the neighboring countries through cross-border projects, supported by the new Development Bank, pointing out that such bank can play a pioneering role to bridge the gaps of development finance for BRICS member states.

 

In a meeting with Maxim Oreshkin, Deputy Russian Commissioner for Economic Relations with "BRICS "countries, on the sidelines of participation in BRICS meetings in Brazil, Kouchouk said that talks were held on raising the common finance for infrastructure and energy projects and coordinating multilateral development policies.

 

Kouchouk highlighted the importance of maximizing benefits from sovereign funds and the resources of development banks to support economic and social development in emerging countries. He clarified that BRICS new investment platform represents a great opportunity to link the national development plans of member countries with the regional cooperation initiatives.

 

Kouchouk said that developing Egyptian Russian projects can take place through the new investment platform, and bilateral investment initiatives can be launched within the framework of "BRICS", as we target enhancing economic, financial, trade and investment cooperation between both countries.