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Daily News Egypt
5 days ago
- Business
- Daily News Egypt
Electronic public procurement platform nears completion: Kouchouk
Ahmed Kouchouk, Minister of Finance, announced that Egypt's legal framework for public procurement has earned international recognition in a recent report by the New Development Bank (NDB) of the BRICS countries. The report praised the Egyptian Public Procurement Law for its alignment with the bank's policies and international best practices, confirming its suitability for projects financed by the NDB. Kouchouk highlighted the importance of discussing the report's recommendations during a two-day workshop held in Cairo, which brought together business leaders, government stakeholders, representatives from the NDB, and the General Authority for Government Services. He underlined the government's commitment to strengthening institutional collaboration with international partners to improve the investment climate and emphasised the role of external assessments in supporting the continuity of structural reforms. He noted that modernising the public procurement system is a key step towards fostering stronger partnerships with the private sector. Kouchouk also revealed that the national electronic procurement platform is close to completion. Once operational, it is expected to simplify procedures, enhance transparency, and improve accessibility for investors—ultimately contributing to a more competitive and attractive business environment. The deputy minister further reaffirmed the state's dedication to promoting competitive neutrality in Egypt's markets through better governance and transparency. He stressed the importance of maintaining structured dialogue platforms between the private sector and international institutions to exchange expertise on procurement frameworks. For his part, Mohamed Adel, head of the General Authority for Government Services, stated that the goal is to enhance the efficiency of the government's procurement system. He explained that the Authority is closely examining the NDB's recommendations and is currently implementing a comprehensive development plan covering legislative, procedural, and technical reforms. Adel also noted that building human capacity remains a cornerstone of any successful institutional reform.
IOL News
5 days ago
- Business
- IOL News
BRICS' AI Cooperation
Artificial Intelligence (AI) is now a critical tool for economic progress, governance, and global competitiveness. Within the BRICS+ framework, AI collaboration is no longer an emerging trend but a structured and rapidly developing area of shared interest. In 2025, this expanded bloc is leveraging AI to advance South-South cooperation, decrease reliance on Western technologies, and develop digital solutions tailored to the distinct social and economic requirements of developing nations. Building AI Capacity Through BRICS+ The 2024 BRICS Summit in Kazan marked a pivotal moment, officially positioning AI at the core of the BRICS+ development strategy. With the inclusion of four new members, the summit ratified the BRICS+ AI Cooperation Framework. This framework highlights AI as both a growth engine and a strategic asset, crucial for achieving autonomy across critical sectors like health, education, agriculture, energy, and security. Its focus areas encompass shared infrastructure, collaborative research, talent cultivation, and ethical governance. The newly established BRICS+ Centre for AI Research and Innovation, a collaborative network of AI hubs located in São Paulo, Johannesburg, New Delhi, Cairo, Addis Ababa, Moscow, Beijing, and Tehran, has already initiated projects in key areas such as language processing, smart agriculture, climate prediction, and digital identity systems. This significant initiative operates under the umbrella of the broader BRICS Partnership on New Industrial Revolution (PartNIR) and benefits from the robust financial backing of the New Development Bank (NDB), which has committed over $2 billion to advance AI infrastructure and foster skills development across all member states. Joint Projects with Local Impact BRICS+ nations are leveraging AI to address practical challenges. For instance, an AI platform supported by BRICS in Ethiopia utilises satellite imagery and machine learning to map irrigation and predict droughts. In Iran, AI is improving hospital logistics and medicine supply chains, leading to greater efficiency in remote areas. Brazil and South Africa are also partnering with China on smart farming solutions, deploying AI drones to monitor soil health and optimise fertiliser application. India and Egypt are collaborating on AI-powered Arabic and Hindi language learning systems for educational institutions. Meanwhile, Russia and Indonesia are investigating AI-driven cyber-resilience strategies to protect vital digital infrastructure. A core strength of BRICS+ lies in its collaborative partnerships, which are built upon shared challenges and complementary capabilities. For instance, while some nations contribute technological expertise (e.g., China in deep learning, India in data science, Russia in robotics), others offer unique environments for testing and address specific local needs (e.g., Ethiopia in agriculture, Egypt in water management, Brazil in biodiversity monitoring). The Role of Data and Sovereign Infrastructure Limited access to quality data and computing power has been a significant barrier to AI development in the Global South. To address this, BRICS+ nations are developing the BRICS+ Digital Cloud Corridor. This initiative will establish a shared data storage and high-performance computing network across member states, enabling countries to run AI models securely without dependence on US- or EU-based servers. Crucial for the development of AI tools in local languages, this infrastructure helps mitigate cultural biases in global algorithms and uphold data sovereignty. As an illustration, Ethiopia's state-owned data agency has partnered with Russia and India. These agreements facilitate the hosting of training datasets focused on African health outcomes and education gaps, with the objective of creating localised AI that supports the goals of the African Continental Free Trade Area (AfCFTA). Shared Ethics and Responsible AI AI presents complex ethical and regulatory dilemmas, including questions of data ownership, decision-making processes, and bias prevention. In response, BRICS+ nations are developing a Unified AI Ethics Charter. This initiative, proposed by South Africa and Egypt in 2024, aims to establish fundamental principles for fairness, transparency, non-discrimination, and public accountability across all BRICS+ countries. The charter prioritises shared values such as development, sovereignty, and equity, offering an alternative to importing Western AI ethics models. Countries like Iran and Indonesia have advocated for ethical standards that simultaneously safeguard cultural identity and local norms while fostering innovation. What It Means for the Future Economically, BRICS+ now accounts for over 45% of the global population and more than 36% of worldwide GDP. Its artificial intelligence investments will directly influence the global development, governance, and distribution of these technologies. The initiation of joint AI projects demonstrates a clear intent: BRICS+ is evolving beyond a political alliance to become a significant technological powerhouse. Should this trend persist, BRICS+ nations could lessen their reliance on Silicon Valley platforms, establish digital systems tailored to their specific contexts, and even extend AI solutions to other developing nations. Particularly for African countries, the addition of Ethiopia, Egypt, and South Africa to BRICS+ unlocks new prospects for infrastructure assistance, knowledge exchange, and accelerated digital advancement. In the age of AI, cooperation is power. The message is clear: BRICS+ is positioning itself to shape the future, not merely to consume it. Written By: Sesona Mdlokovana Associate at BRICS+ Consulting Group African Specialist
Time of India
26-07-2025
- Business
- Time of India
Cross-border platforms and development finance to power BRICS+ growth: EY Report
As BRICS+ economies deepen collaboration to reshape the global financial system, three key institutional initiatives: the cross-border payments platform , the New Development Bank (NDB), and the BRICS Contingent Reserve Arrangement (CRA) are gaining strategic momentum, according to the EY Economy Watch July 2025 edition. These efforts come at a time when global trade is navigating uncertainty from geopolitical developments, evolving supply chains, and shifting trade dynamics - encouraging emerging economies to strengthen resilience and diversify their financial and trade frameworks. Explore courses from Top Institutes in Please select course: Select a Course Category Artificial Intelligence Digital Marketing Data Analytics Others PGDM Public Policy MBA Design Thinking Project Management Cybersecurity others CXO Finance Technology Healthcare Data Science healthcare Product Management Management Leadership Degree Data Science Operations Management MCA Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details As of 2024, BRICS+ countries accounted for 42.5 per cent of global GDP (in purchasing power parity terms), 54.0 per cent of the global population, and 27.3 per cent of global merchandise exports. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo These milestones reflect not only the BRICS+ growing economic power but also a deepening commitment to reforming international financial and trade systems. Given current trends, the EY report stated that it expects that the BRICS+ group would account for more than 50 per cent of global GDP in PPP terms by 2030, both due to growth prospects the current members and partners and induction of additional countries into the group. Live Events DK Srivastava, Chief Policy Advisor, EY India, said, "The BRICS+ institutional initiatives are gaining traction at a time when the global economic order is undergoing realignment. These mechanisms especially the payments platform and the CRA are designed to improve financial autonomy and macroeconomic stability among BRICS+ participating nations. The New Development Bank, with its potential to deliver scale and speed in development financing, is equally critical for infrastructure-led growth." The BRICS+ payments platform, built on blockchain technology, is designed to enable cross-border transactions in local currencies. This system is expected to enhance flexibility in currency use for trade among member nations. The EY report notes that this development could foster greater financial stability, facilitate smoother trade flows, and strengthen economic resilience across participating countries. The NDB is also evolving as a major financing institution for emerging markets, particularly within the BRICS+ bloc. With a focus on competitive interest rates and development-oriented lending, the bank is well-positioned to support infrastructure growth and long-term investment flows across member nations. Another pillar of this new financial framework is the BRICS Contingent Reserve Arrangement, which offers a safety net to participating countries through currency swaps during balance of payments challenges. The CRA enhances collective financial security and provides an added layer of support to help manage external economic pressures. Once these initiatives gain momentum, they may go a long way in fostering a multilateral system of global trade, global investment and global financial flows that are comparatively lower in cost and offer complementary options to existing global arrangements. The report highlights the BRICS+ group's focus on facilitating trade in local currencies and expanding access to development financing, supporting efforts toward a more inclusive and balanced global financial architecture. While the group is not seeking to replace the US dollar's role in the global economy, these initiatives aim to broaden financial options and promote a more balanced international monetary system. As the BRICS+ grouping expands its reach, these financial innovations are expected to strengthen intra-group economic ties and support more inclusive global development. With sustained efforts to operationalise and expand these platforms, BRICS+ could emerge as a key driver of more inclusive, resilient, and sovereign-oriented global economic growth.
Business Insider
25-07-2025
- Business
- Business Insider
South Africa secures R7 billion lifeline from BRICS Bank for road infrastructure
South Africa is set to receive a R7 billion (about $398 million) loan from the New Development Bank (NDB), also known as the BRICS Bank, in a move aimed at revitalising the country's aging road infrastructure. South Africa will receive a R7 billion loan from the New Development Bank to upgrade road infrastructure. The New Development Bank, established by BRICS nations, serves as an alternative funding source for the Global South. The loan will support critical transportation routes, improve connectivity, and enhance road safety. Established by the BRICS bloc—Brazil, Russia, India, China, and South Africa—the NDB is rapidly emerging as a key alternative source of funding for major infrastructure projects across the Global South. Its growing presence comes as African nations increasingly shift away from traditional Western financiers amid a changing global economic landscape. The loan, requested by the South African National Roads Agency (SANRAL), will be directed toward upgrading vital transportation routes, improving connectivity, reducing congestion, and enhancing safety along critical economic corridors. The agency noted that the investment forms part of a broader effort to meet rising transport demands after years of underinvestment. Speaking during the loan agreement signing in Johannesburg on Tuesday, SANRAL CEO Reginald Demana said final approval hinges on a legal opinion from the state law adviser, expected within two weeks. Officials say the deal is close to being finalised and will inject much-needed capital into South Africa's construction and transport sectors, both seen as essential to economic recovery and long-term growth. South Africa's road agency, SANRAL, will use a new loan to upgrade four major freeways at a cost of 12.7 billion rand and fund other projects. In 2019, SANRAL failed to secure a government-backed loan from the New Development Bank due to concerns over debt from Gauteng's now-defunct tolling system. With that issue resolved, the state has approved a 16.5 billion-rand debt cap. ' We still need to go to the market to raise additional funding, ' CEO Reginald Demana said, pointing to domestic bond investors, banks, and institutions. ' The NDB might also be interested to look at more rand funding, ' he added. The loan is also expected to support job creation and stimulate local economies by enabling smoother movement of goods and people. SANRAL has said it is committed to ensuring that the implementation of projects funded by the loan will adhere to high standards of transparency and sustainability.
The South African
24-07-2025
- Business
- The South African
South Africans doubt R7 billion BRICS loan will be used to fix roads
On Wednesday it was reported that the South African National Roads Agency (Sanral) is set to access a R7 billion loan from the New Development Bank (NDB) to fund major upgrades to the country's transportation infrastructure. Sanral CEO Reginald Demana confirmed that final approval is pending legal and regulatory processes, including a legal opinion from the state law adviser and foreign exchange clearance from the South African Reserve Bank. The funding has been earmarked for a R12.7 billion upgrade of four major freeways, alongside additional national road projects. The deal marks a significant boost for infrastructure development following the government's recent resolution of issues surrounding Sanral's controversial e-tolling system. However, South Africans are sceptical as to whether the money would in fact be used to improve roads and highways around the country. Below, just a handful of the comments posted from disbelieving South Africans: Where is Ramaphosa & his band of ANC bandits building his next 'BRICS' mansion? – Trevor Only 1 million is left as we speak – Victor New swimming pool for Cyril – Anton The only road fixed will be to the bank – Ingrid Ready, steady loot – Nick Gonna fix there pockets – Faadhil Obviously 70% is going to Ramaphosa's pocket – Misheck We can be assured that 70 to 80 percent will be filling the pockets of the gravy cabal – Faried Are they nuts giving South Africa money – Heather More likely to fix the roads to fat cats villa's in Dubai – Ken In 2019, Sanral's attempt to access funding from the NDB faltered due to the National Treasury's concerns over legacy debt linked to the now-scrapped Gauteng e-toll system. That system had been introduced to finance freeway expansions in the country's economic hub but faced public and political backlash. With the tolling matter now resolved, the state has approved a R16.5 billion debt ceiling for the agency, clearing the path for more infrastructure borrowing. The New Development Bank, established in 2015 by the BRICS bloc (Brazil, Russia, India, China, and South Africa), aims to support infrastructure and sustainable development projects across member and emerging economies. The loan to Sanral highlights the growing role of BRICS-aligned institutions in supporting strategic infrastructure investments in South Africa. Once all approvals are secured, the loan is expected to accelerate progress on much-needed freeway upgrades that support trade, mobility, and economic growth. According to Sanral, the loan specifically targets critical economic corridors, namely: N2 – especially crucial sections in KwaZulu-Natal that support port access and regional commerce – especially crucial sections in that support port access and regional commerce N3 – the primary trade route between Johannesburg and Durban , vital for freight movement – the primary trade route between and , vital for freight movement N1 – a central north-south artery running through Gauteng and beyond These upgrades will include adding lanes, resurfacing pavement, and rehabilitating related infrastructure such as bridges and intersections. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
