New Delhi: Agencies
On Saturday, Argentine President Alberto Fernandez praised India's hosting and presidency of the G20 summit currently being held in the capital, New Delhi.
The President of Argentina said - according to what the Indian newspaper (India Times) reported on its website - “India has been a wonderful host and president of the G20,” adding, “It is a very difficult moment to organize an event like the G20 now because of the Ukrainian conflict and the situation that the world is going through now.” .
He stressed that "the African Union's accession as a permanent member of the G20 is a step toward India's presidency of the group," calling on the group to include the group of Latin American and Caribbean countries that are in a situation very similar to that of the African Union.
Indian Prime Minister Narendra Modi announced this morning that the African Union has received a permanent seat in the G20.
Today, Saturday, Saudi Crown Prince Mohammed bin Salman announced the signing of a memorandum of understanding for an economic project between India, the Middle East and Europe.
He added, on the sidelines of his speech at the G20 Summit in New Delhi, that the economic project will contribute to the development of infrastructure, which includes railways, and will link the ports of the Middle East, Europe, and India.
The Saudi Crown Prince said that the economic corridor will provide long-term job opportunities, explaining: “The economic corridor will increase trade exchange between India, the Middle East and Europe.”
On the sidelines of the summit, President Sisi met with a group of participating leaders and also delivered a speech
President Sisi's participation in the G20 summit comes in response to an invitation from Indian Prime Minister Narendra Modi, whose country holds the current presidency of the group, in light of the importance of Egypt's participation in the summit, which is held in a delicate international context, as well as the close relations between Egypt and India.

During the summit, President Sisi focused on various issues of concern to developing countries in general, and African countries in particular, especially with regard to the importance of strengthening international efforts to facilitate the integration of developing countries into the global economy in an equal manner, against the backdrop of the mutual opportunities and advantages this provides. It contributes to attracting investments and achieving economic growth and development for all parties.
On Saturday, India announced the launch of a global biofuel alliance during the G20 summit in New Delhi to promote the use of clean fuels.
The alliance, of which the United States and Brazil are founding members, would help accelerate global efforts to achieve net-zero emissions goals by facilitating trade in biofuels.
Prime Minister Narendra Modi said in remarks to G20 leaders at the summit, “We are launching the Global Biofuel Alliance. India invites you all to join this initiative.”
Oil Minister Hardeep Singh Puri said in July that the alliance would provide assistance by encouraging global biofuel trade, developing concrete policies on sharing lessons and strengthening the provision of technical support to national biofuel programs around the world.
India plans to build 12 biorefineries to produce fuel from materials including plant residues.
More than 30 heads of state and senior officials from the European Union and invited countries and 14 heads of international organizations are participating in the summit. The G20 summit kicked off in the Indian capital, New Delhi, yesterday morning, Saturday, with the participation of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, and the Egyptian President. Abdel Fattah El-Sisi, Sheikh Mohammed bin Zayed, President of the Emirates, and leaders of 28 countries, and continues until Sunday.
The agenda of the New Delhi summit also includes many important issues, including ways to promote green development, financing plans to confront the effects of climate change, the European Union’s environment and climate action programme, promoting strong and sustainable economic growth, the progress that has occurred in efforts to implement the United Nations Sustainable Development Plan, technological transformation and infrastructure. Digital, and the efforts of international institutions to promote development and empower women in the development field.
Indian Prime Minister Narendra Modi described his country's G20 presidency priorities as "comprehensive, ambitious, practical and decisive."
The economies of the G20 countries constitute about 85 percent of the global gross domestic product, 75 percent of the volume of international trade, and 60 percent of the total world population.
The G20, which was established in 1999 with the aim of supporting global economic growth mechanisms, includes: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the United States, in addition to the European Union.
The G20 was established on the initiative of the G7 industrial group. With the aim of bringing together major industrial countries with countries with emerging economies, such as China, Brazil and India, to discuss the main issues of concern to the global economy and to promote constructive dialogue between industrial countries and emerging economies, especially with regard to the stability of the international economy.
The leaders of the G20 countries meet annually, while the group's finance ministers and central bank governors meet several times during the year.
Among the most prominent goals of the G20 are to strengthen and develop the global economy, in addition to reforming international financial institutions and improving the financial system, supporting global economic growth, developing mechanisms for job opportunities, and activating free trade initiatives.
The G20 was promoted to the level of heads of state and government in the wake of the 2007 global economic and financial crisis.