Egypt officially "offers" to join BRICS

On June 16, Russian Ambassador to Cairo Georgy Borisenko said that Egypt has officially requested to join the Group of the world's leading emerging economies (BRICS).

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

The request comes as Egypt is keen on using alternative currencies in trade.

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

BRICS is currently one of the largest economic blocs in the world today with 5 members: Brazil, Russia, India, China and South Africa.

The group accounts for about 30% of the global economy, 26% of the world's land area and 43% of the world's population, producing more than one-third of global 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 has approved the admission of Bangladesh, the United Arab Emirates (UAE), Egypt and Uruguay to the institution in 2021. This is the beginning of the process of expanding NDB as a global multilateral institution.

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