print logo

Egypt to Join BRICS Development Bank to Cut Dollar Reliance

Egypt's joining of the BRICS New Development Bank will relieve the state budget of the pressure of finding US dollars to meet the country's imports.
19.03.23 | Source: Bitcoinke

Egypt’s Parliament has given the green light for the country to join the BRICS Bank, also known as the New Development Bank, as it gets closer to join the group of 5 nations.

According to reports, the lawmakers are positive about the country’s membership in the BRICS Bank viewing it as a means of reducing reliance on the US dollar.

Deputy chairman of Egyptian Parliament’s economic committee, Mohamed Abdel-Hamid, explained to local media how the country will benefit from the move.

“We will benefit from the bank’s financial and technical assistance in areas of sustainable development, health, infrastructure, transport, water and telecommunications,” said Abdel-Hamid.