Egypt has made an official request to join the BRICS economic group, Russian Ambassador to Cairo Georgy Borisenko announced in an interview with Russian media.
Egypt applied to join because one of the initiatives the BRICS are currently joining is using alternative currencies for trading, Borisenko explains.
Egypt is very interested in using alternative currencies in trading, he added.
The BRICS is one of the most important economic groups in the world, of which Brazil, Russia, India, China and South Africa are members.
These countries represent about 30 percent of the world’s economy, 26 percent of the world’s surface and 43 percent of the world’s population, and produce more than a third of the world’s grain production.
Member States have established the New Development Bank with a capital of USD 100 billion to finance infrastructure projects and sustainable development in Member States, as well as in emerging market economies and other developing countries.
Founded by BRICS countries, the New Development Bank Egypt previously accepted as a new member, which was announced at the BRICS leadership summit in December 2021.
Egypt has recently become the new fourth member of the bloc, having been preceded by Bangladesh, the UAE and Uruguay in September 2021.