Egypt officially "expresses interest" in joining BRICS.

On June 16, Russian Ambassador to Cairo Georgy Borisenko announced that Egypt had officially applied to join the BRICS group of leading emerging economies .

Egypt has officially applied to join BRICS. (Source: China Daily)

This request comes amid Egypt's growing interest in using alternative currencies in trade.

Ambassador Borisenko clarified that one of the initiatives being promoted by BRICS is the use of alternative currencies in trade.

BRICS is currently one of the world's largest economic blocs, with five members: Brazil, Russia, India, China, and South Africa.

This group accounts for approximately 30% of the global economy, 26% of the land area, and 43% of the world's population, producing more than one-third of the world's grain output.

BRICS has also established the New Development Bank (NDB) with a total capital of $100 billion to finance infrastructure and sustainable development projects in member countries, as well as other emerging market economies and developing countries.

The NDB Board of Governors approved the decision to admit Bangladesh, the United Arab Emirates (UAE), Egypt, and Uruguay into the aforementioned financial institution in 2021. This marks the beginning of the process of expanding the NDB as a global multilateral organization.

Source: https://baoquocte.vn/nga-ai-cap-chinh-thuc-ngo-loi-gia-nhap-brics-231251.html