Egypt Joins the BRICS New Development Bank
Some BRICS states have already switched to trade in local currencies in order to reduce dependence on the U.S. dollar and euro.
On Wednesday, Egypt ratified its participation in the New Development Bank (NDB) which was created by Brazil, Russia, India, China and South Africa (BRICS) in 2014.
Egypt joins BRICS bank. pic.twitter.com/jKX1NIZvxf— -///Spriter///- (@Spriter0000) December 11, 2022
Egyptian President Abdel Fatah Al Sissi's cabinet ratified the agreement establishing the NDB and Egypt's accession document to that institution, which began operating in 2015 in Shanghai. From there, the NDB finances infrastructure and sustainable development projects in areas such as energy, transportation, water, communications, and health.
"Since 2016, the Bank has invested in multiple projects, including US$7.2 billion in India alone," RT reported, recalling that Egypt expressed an interest in becoming an NDB member in July.
"BRICS is working to develop its own financial infrastructure, including a joint payment network, with some member states having already switched to trade in local currencies in order to reduce dependence on the U.S. dollar and euro," it added.
Bank Indonesia calls on importers, exporters to stop payments in US Dollar. China, Japan, Thailand, Malaysia have already agreed to use the mechanism of two-way payments and dedollarasing, with Singapore, Philippines planning to join the system.— 🇪🇺 🇲🇨🇨🇭Dan Popescu 🇫🇷🇮🇹🇷🇴 (@PopescuCo) December 8, 2022
EU, BRICS+ also dedollarising. https://t.co/Yu7QRJlT5Q
Currently, Egyptian President Al Sissi is in Saudi Arabia participating in the summit of Arab countries with China, the nation with the largest economy among the BRICS.
Egyptian Finance Minister Mohamed Maait affirmed his country's enthusiasm for enhancing cooperation with international development partners, especially in light of the "unprecedented development movement" he is witnessing in Cairo.
Previously, the Chinese Foreign Affairs Ministry has noted that Argentina, Algeria, Iran, Indonesia, Turkey and Saudi Arabia are also interested in joining the BRICS bloc.