Egypt urges BRICS to promote trade in local currencies

Updated 6/12/2024 6:32:00 AM
Egypt urges BRICS to promote trade in local currencies

Arab Finance: Egyptian Prime Minister Mostafa Madbouly has called for increased utilization of local currencies among BRICS member countries during his address at the BRICS Development Bank Forum held in Cairo on June 11th.

The call comes as part of Egypt's broader engagement with the BRICS group, following its recent invitation, along with Saudi Arabia, the UAE, Iran, and Ethiopia, to join the bloc.

This expansion, the first since South Africa joined in 2010, has bolstered BRICS into an economic bloc controlling a significant portion of the global economy.

Madbouly emphasized Egypt's commitment to an inclusive approach towards global cooperation, emphasizing that its strategic alignment with BRICS and the New Development Bank (NDB) is not intended to antagonize any party but rather to foster collaboration and address systemic challenges.

Previous data by the International Monetary Fund (IMF) showed that Egypt's exports to BRICS nations surged by 5.3% in 2022, reaching $4.9 billion, while imports increased by 11.5% to $26.4 billion during the same period.

Madbouly also announced that Egypt seeks to obtain a concessional loan worth $1 billion from the NDB, affiliated with the BRICS countries, before the end of 2024.

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