Egypt urges BRICS nations to trade in local currency

Egypt's President Abdel Fattah al-Sisi has called on the BRICS countries to conduct their financial settlement using local currencies.

"Egypt affirms the importance of advancing frameworks of cooperation in the field of financial settlements using the local currencies, and benefitting from the comparative advantages of the member states to launch joint economic, investment and development projects," Sisi said in a speech at the BRICS summit in the Russian city of Kazan on Wednesday.

The Egyptian leader voiced support for the BRICS Business Council, including its Women's Business Alliance, "to enhance cooperation between the private sector and business owners in the member states," as a key to achieving sustainable development.

Sisi said Egypt eyes to bolster cooperation among the BRICS member states "to address common international challenges," such as poverty, climate change and food security.

Twenty-two heads of state

Egypt is one of four countries that officially joined the BRICS economic group last January.

The summit is attended by 22 heads of state and six heads of international organisations, including UN Secretary-General Antonio Guterres.

The three-day summit includes longtime members Brazil, Russia, India, China, and South Africa – the source of the group's name – along with recent additions Egypt, Ethiopia, Iran, and the UAE.

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