Russia’s ambassador to Egypt on Wednesday said Cairo applied to join BRICS, a bloc of emerging economies comprising Brazil, Russia, India, China, and South Africa.
“Egypt has applied to join the BRICS group, because one of the initiatives that BRICS is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency. Egypt is very interested in this,” ambassador Georgy Borisenko stated.
He added that Egypt has expressed its desire to develop trade and economic cooperation with Russia, saying that a process of building “new mechanisms for mutual settlements in these trade operations” is now underway.
Earlier in late March, Egypt joined the New Development Bank (NDB) of BRICS.