Mohamed Maait, Minister of Finance, said that Egypt's accession to the "BRICS" bloc contributes to enhancing investment and export opportunities and foreign flows.
The minster stressed that this additional positive step, which reflects the political and economic weight of Egypt, will help support means of economic cooperation and deepen trade exchange between Egypt and the member states of this assembly, which is one of the most important economic blocs in the world.
In today's statement, he pointed out that the diversity of the productive and commodity structure of exports achieves the integration of supply chains among the BRICS countries.
The minister added that dealing in national currencies between BRICS member states helps Egypt rationalize the basket of currencies of the import bill, and thus relieve pressure on the state’s general budget, which bears huge burdens to provide basic needs of wheat and fuel, in the wake of the outbreak of the war in eastern Europe and its consequences from a global wave of inflation.
Maait pointed out that Egypt's accession to the "BRICS" bloc opens up promising prospects for the localization of advanced technology in various economic sectors and an increase in local production rates by expanding the scope of cooperation with member states.
He explained that Egypt had previously joined the New Development Bank, which is the bank of the BRICS bloc, which can provide more concessional financing opportunities for development projects and green transformation paths in a way that supports the Egyptian path in achieving comprehensive and sustainable development goals (SDGs).
He stressed, "We look forward to the BRICS bloc being a strong voice for the emerging economies, in a way that serves the interests of developing countries and meets their development needs."
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