Egyptian Finance Minister Ahmed Kouchouk called for a fairer global financial architecture for developing countries and discussed local currency trade settlements during the 1st BRICS Finance Ministers and Central Bank Governors’ (FMCBG) Meeting, taking place on August 12 and 13 in Jaipur, Rajasthan, under India’s BRICS presidency.
The meeting was also attended by Rami Aboulnaga, the Deputy Governor of the Central Bank of Egypt (CBE).
Kouchouk held bilateral talks on the sidelines of the summit with Indian Finance Minister Nirmala Sitharaman, who delivered the inaugural address at the meeting. Emphasising collective action, Sitharaman highlighted the theme of India’s BRICS 2026 presidency, “Building Resilience and Innovation for Cooperation and Sustainability,” and underscored the need for members to work towards resilient, inclusive, and sustainable growth while translating cooperation into practical outcomes across the finance track.
Addressing the session, Kouchouk stated that developing countries must have a heard voice in developing a more equitable and inclusive international financial architecture, noting that enhancing resilience and innovation drives comprehensive and sustainable development.
“We look forward to a global financial system that is more responsive to the priorities of growth and development in emerging countries,” Kouchouk said. He called for maximising the role of multilateral development banks in providing low-cost financing to enable developing nations to manage risks, and stressed the need to establish strong trade and investment links across the Global South to mitigate the severity of economic and geopolitical volatility.
During their meeting, Sitharaman and Kouchouk discussed the settlement of trade in local currencies, structured cooperation in FinTech, and emerging technologies in finance, including artificial intelligence for risk assessment and fraud detection. Sitharaman also expressed gratitude for the strong support Egypt has shown for India’s BRICS presidency.
Aligning with the technology discussions, Kouchouk pointed to the necessity of integrating digital systems and artificial intelligence into structural reforms to develop human capital and boost national competitiveness and productivity.
Sitharaman noted that India sees considerable scope for closer bilateral cooperation, particularly in strengthening the New Development Bank’s (NDB) role in project development and private capital mobilisation, as well as sharing experiences on public-private partnerships (PPPs) and risk-mitigation mechanisms.
The two leaders also exchanged views on the role of youth in driving both nations’ development trajectories, noting the high aspirations of their young populations and the importance of creating structured platforms for regular youth engagement and constructive dialogue.
Sitharaman highlighted India’s vibrant start-up ecosystem, which includes the emergence of more than 100 unicorns. The ministers concluded by discussing the role of micro, small, and medium enterprises (MSMEs) in creating opportunities for youth-led growth, emphasizing greater collaboration between Indian and Egyptian MSMEs and the expansion of opportunities in their respective markets.
