Egypt submits application to join BRICS, says Russian envoy to Cairo

Earlier in June, foreign ministers of BRICS member states, which include Russia, Brazil, India, China and South Africa, held a meeting in Cape Town

Russian ambassador to Cairo Georgy Borisenko on Wednesday announced that Egypt has applied to join BRICS.

"Egypt has submitted its application to join the BRICS group because one of the endeavors that BRICS is currently pursuing is to shift trade to alternative currencies, be it national currencies or a new common currency. Egypt is very much interested in that," the envoy said in an interview with the state TASS news agency.

According to the envoy, Egypt is looking to boost trade and economic cooperation with Russia.

"New payment mechanisms are being created for trade transactions," Borisenko added.

Earlier in June, foreign ministers of BRICS member states, which include Russia, Brazil, India, China and South Africa, held a meeting in Cape Town. Top diplomats from 12 other countries, including Egypt, Iran, Saudi Arabia and the United Arab Emirates, also attended the summit, which is seeking to expand its membership.

In March, Egypt's President Abdel-Fattah El-Sisi approved the country's accession to the New Development Bank (NDB) of the BRICS bloc, allowing Cairo to join the bank. Egyptian lawmakers welcomed the agreement in January, saying it could help the crisis-hit country to reduce demand on U.S. dollars.

https://www.i24news.tv/en/news/middle-east/north-africa/1686741419-egypt-submits-application-to-join-brics-russian-ambassador-to-cairo