A proposal raised during the BRICS summit regarding Egypt’s potential to host a global grain storage center has sparked inquiries into the North African nation’s motivations behind this initiative and its feasibility.
Prime Minister Mostafa Madbouly stated on the sidelines of the BRICS summit in Johannesburg on Thursday that Egypt is prepared to host a global center for grain storage, aiming to contribute to resolving the global food crisis.
Egypt, among six nations including Saudi Arabia, the United Arab Emirates, Iran, Ethiopia, and Argentina, has been slated for full membership in BRICS starting from early 2024.
The Information and Decision Support Center of the Egyptian Cabinet listed the gains the country stands to achieve through its accession to BRICS.
These gains encompass enhancing economic and political relations with the bloc’s member states, capitalizing on the collaborative efforts with BRICS nations to support sustainable development initiatives, reducing inter-country transactions in dollars to alleviate foreign exchange pressure, and benefiting from the success of the targeted goals to create a global system that grants more weight to developing nations.
Additionally, Egypt aims to secure more accessible funding for developmental projects, improve local economic indicators, and increase opportunities for foreign investments.
Egyptian parliamentarians and economists commended the Egyptian proposal to host a global grain storage center, affirming that “Egypt possesses the potential and attributes that qualify it for this role.”
Nevin Al Tahri, the Deputy of the Economic Committee in the Egyptian Parliament, remarked to Asharq Al-Awsat that “Egypt holds the qualifications and capabilities necessary to host a global grain storage center.”