Russian Ambassador to Cairo Georgy Borisenko has affirmed that Egypt has submitted a request to join the BRICS group.
In an interview with Russian media, Borisenko stated: “Egypt has applied for BRICS membership, as one of the initiatives currently undertaken by BRICS is to switch trade to alternative currencies as much as possible, either national or the creation of a common currency. Egypt is very interested in this matter.”
The BRICS group, a consortium that includes Russia, China, Brazil, South Africa, and India, was established in 2006 at a summit hosted in the Russian city of Yekaterinburg.
The acronym changed from BRIC to BRICS in 2011, after the incorporation of South Africa. The international group aims to boost economic relations among its members in their local currencies, reducing reliance on the dollar.
BRICS brings together the largest growth economies in the world. Several other countries, including Argentina, Iran, Indonesia, Turkey, Saudi Arabia, and Egypt, are considering joining this economic bloc.
South Africa, which assumed the rotating BRICS presidency in January, will host the 15th BRICS summit in August.