Egypt is already reaping real benefits from joining BRICS and may soon secure a $1 billion loan from the New Development Bank (NDB) established by the bloc's member countries, Russian Ambassador to Egypt Georgy Borisenko.
“Thanks to its membership in the BRICS New Development Bank, Egypt may soon receive a loan of $1 billion on favorable terms for the implementation of social projects,” the Russian ambassador noted in an interview with the Egyptian newspaper Al-Bawaba News. “The benefits of Egypt's entry into BRICS are clear, and as the bloc’s influence grows, these benefits will only increase,” he added.
Borisenko also highlighted that the official addition of four new countries, including Egypt, on January 1 coincided with the start of Russia’s full-year chairmanship of BRICS.
“Naturally, the main task of the chairmanship is to assist the newcomers in integrating into the many collaborative formats within the group. At the same time, we continue to deepen existing cooperation and expand its scope,” Borisenko stated. He pointed out that nearly half of Egypt's government has already participated in ministerial-level meetings in Russia.
The ambassador noted that BRICS is currently engaged in an intense process of brainstorming how to ensure dynamic global trade development. A reliable system of mutual settlements is needed for this, he said, because the old mechanism based on U.S. dollars has proven unreliable and is now unsatisfactory for many.
Borisenko clarified that BRICS is not in a rush to expand further. At the upcoming summit in Kazan in October, the group is expected to address the issue of establishing a “partner country” status. He explained that there will likely be no more partner countries than full members, as the priority is to establish effective coordination within the core group of ten nations.
The ambassador also expressed gratitude to Egypt for its active and energetic role within BRICS and its support for Russia's chairmanship. “Moscow and Cairo's approaches on most issues are very close, and even when we differ, we always find constructive solutions through discussion,” Borisenko said, adding that Russia looks forward to continued close cooperation within the bloc and bilaterally.
On September 17, the Roscongress Foundation announced that Egypt will participate in the BRICS summit to be held in Kazan from October 22 to 24. BRICS was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2011. On January 1, 2024, Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia will become full members of the group.
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Based on materials from TASS