Egypt And BRICS JUST SHOCKED Everyone With This HUGE Announcement!

Egypt Annd BRICS JUST SHOCKED Everyone With This HUGE Announcement!

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Egypt recently joined the BRICS New Development Bank or NDB just a few weeks after President Abdel Fattah El-Sisi visited India as the chief guest for Republic Day.

The official announcement was released on March 22, but Egypt joined on February 20. Sources say Egypt aims to improve its infrastructure, and the New Development Bank's funding can help achieve that goal.

In addition to the BRICS nations, the NDB also has members from the UAE, Bangladesh, and Uruguay.

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The Egyptian Parliament has approved an agreement for their country to join the NDB, just days after El Sisi visited India for Republic Day celebrations. MPs in Egypt are happy with this decision, as they believe it will help decrease the need for US dollars.

In August, South Africa will host the next BRICS Summit, which is anticipated to increase intra-BRICS trade using national currencies. And this will allow member countries to protect their forex reserves.

El-Sisi participated in the BRICS summits held in 2017 and 2022. He expressed gratitude towards the BRICS group, acknowledging its growing importance internationally. He praised the economies of its member countries, which account for over 20% of the world's gross domestic product.

El-Sisi also noted the group's powerful influence in political and economic forums and its role in strengthening collaboration between nations in the southern hemisphere. He made these comments during the summit held in June 2022, during China's presidency.

The NDB's governing board allowed the bank to engage in discussions with potential new member states towards the end of 2020. These talks went well, and the bank approved the addition of Egypt as a member in December 2021.

This decision came just two months after the bank also approved the membership of the UAE, Uruguay, and Bangladesh. Moreover, BRICS countries established the NDB after signing an intergovernmental agreement during the sixth BRICS summit in Fortaleza in July 2014.

The bank aims to fund infrastructure and sustainable development initiatives in developing countries and BRICS member states.

Officials say that the NDB got an excellent credit rating from Fitch Ratings and S&P Global Ratings, which helped it get money from different markets.

The bank has approved over 90 projects worth $32 billion so far. These projects include transportation, water, clean energy, digital and social infrastructure, and urban construction.

It was in 2022 when Egypt's president, Abdel Fattah El-Sisi, pushed for Egypt to join BRICS. The President of the BRICS International Forum, Purnima Anand, announced on July 14 that Egypt is keen on becoming a member of the BRICS group.

Anand revealed in an interview with the Russian newspaper Izvestia that these countries have expressed their interest and are in the process of applying for membership. Anand believes this expansion is a positive step, as it will enhance the influence of BRICS globally.

During the 14th BRICS leaders' summit held virtually on June 23-24, China, Russia, and India discussed the interest of these three countries in joining the group.

Brazil, Russia, India, and China established the BRICS group in 2006, and South Africa later joined in 2010. The group is an independent international organization that promotes trade, political, and cultural cooperation among its member states.

Now, at the recent invitation of Chinese President Xi Jinping, Egyptian President Abdel Fattah al-Sisi attended a high-level dialogue session on global development at the BRICS summit. El-Sisi spoke via video conference and expressed his gratitude towards the BRICS group.

He acknowledged their increasing significance on the world stage, particularly their economic strength, which accounts for over 20% of the global GDP. He also highlighted their important role in improving collaboration among countries in the south, both politically and economically.

Sisi attended the BRICS summit twice. The first time was in 2017, and he was invited by the Chinese president. A presidential spokesperson named Bassam Rady said in a statement that the BRICS group is very important economically.

He also said that China's invitation for Sisi to join this year's summit is a statement of Egypt's leadership in politics, economics, and commerce in the region. This will help Egypt strengthen its ties with the forum, which is essential for development.
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