Egypt announced on Wednesday that it will establish a specialized unit named “BRICS,” aimed at exploring avenues of cooperation with the BRICS economic bloc.
The unit will comprise ministers and other relevant officials, as confirmed by an official Egyptian government statement.
The Egyptian government revealed in a press release that the approval for establishing the BRICS unit was made during today’s Cabinet meeting.
It further clarified that the unit would focus on exploring cooperation files with the BRICS group and include ministers and officials concerned with these matters.
The government also praised Egypt’s upcoming membership in the BRICS bloc, set to start in January 2024.
Earlier this month, BRICS announced a historic decision to expand its membership to include new members such as Egypt, Saudi Arabia, the UAE, Iran, Ethiopia, and Argentina.
Russian President Vladimir Putin emphasized that the member nations support the creation of a multipolar and culturally diverse global system.
He added that the group firmly rejects terrorism and new forms of Nazism and is not in competition or opposition to anyone.
Meanwhile, the Arab Republic hopes its inclusion in the bloc will help ease its shortage of foreign currency and attract new investment.
President Abdel-Fattah al-Sisi commented: “I appreciate Egypt being invited to join BRICS and look forward to coordinating with the group to achieve its goals in supporting economic cooperation.”
Charles Robertson, head of macro strategy at FIM Partners, underlined that gaining access to cheap NDB funding would help the African country and it made sense to keep close to China, a potential source of huge foreign direct investment (FDI) in Egyptian manufacturing.
“Egypt has two deep needs – FDI and a cheaper debt burden – and BRICS membership can help with both,” Robertson said.
