Egypt’s imminent inclusion in the BRICS bloc of developing nations is anticipated to address the country’s foreign currency scarcity and allure fresh investment. However, experts caution that tangible benefits might take time to materialize.
The Egyptian cabinet asserted that the BRICS’ objective of reducing reliance on dollar transactions is expected to alleviate the foreign currency pressure faced by Egypt, as stated in a Thursday announcement.
Nevertheless, Brazil’s President proposed the creation of a shared currency among BRICS nations to enhance trade and investment stability by mitigating the impact of fluctuations in the dollar exchange rate.
The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, extended invitations to Egypt and five other nations to join the group. Egypt swiftly embraced the offer, with President Abdel Fattah al-Sisi expressing his enthusiasm for the opportunity.
Al-Sisi remarked, “I appreciate Egypt being invited to join BRICS and look forward to coordinating with the group to achieve its goals in supporting economic cooperation,” shortly after receiving the invitation. While Egypt’s prospective inclusion holds promise, experts stress that its potential benefits might only become apparent over time
