During the BRICS Development Bank Forum held in Cairo on June 11th, Egyptian Prime Minister Mostafa Madbouly called for greater utilization of local currencies among the BRICS member countries. This call comes as Egypt continues to deepen its engagement with the BRICS group, following its recent invitation to join the bloc, along with Saudi Arabia, the UAE, Iran, and Ethiopia.
The expansion of BRICS, the first since South Africa joined in 2010, has transformed the group into an economic powerhouse controlling a significant portion of the global economy. This move has bolstered the bloc’s influence and underscores the growing importance of emerging markets in the international arena.
Egypt’s Commitment to Inclusive Cooperation:
In his address, Prime Minister Madbouly emphasized Egypt’s commitment to an inclusive approach towards global cooperation. He stressed that Egypt’s strategic alignment with BRICS and the New Development Bank (NDB) is not intended to antagonize any party, but rather to foster collaboration and address systemic challenges facing the global economy.
Strengthening Economic Ties:
Previous data from the International Monetary Fund (IMF) has shown that Egypt’s exports to BRICS nations surged by 5.3% in 2022, reaching $4.9 billion, while imports increased by 11.5% to $26.4 billion during the same period. This trend highlights the growing economic ties between Egypt and the BRICS countries.
Prime Minister Madbouly also announced that Egypt seeks to obtain a concessional loan worth $1 billion from the NDB before the end of 2024. This move underscores Egypt’s commitment to leveraging the resources and support of the BRICS group to drive its own economic development.
The Prime Minister’s emphasis on inclusive cooperation and the pursuit of a concessional loan from the NDB showcase Egypt’s strategic approach to harnessing the resources and opportunities presented by the BRICS alliance.
