The vice-president of the Economic Committee of the House of Representatives, Mohamed Abdel-Hamid, affirmed that joining the institution benefits the country.
“We will benefit from the Bank’s financial and technical assistance in areas such as sustainable development, health, infrastructure, transportation, water, and telecommunications,” he said.
The addition of Egypt will also relieve the state budget of the pressure to find dollars to meet imports because members of that bank can use their national currencies in bilateral trade, he said.
Parliamentarian Ahmed El-Awadi, head of the House National Security and Defense Committee, also praised the decision: “It represents a step in the fight against the dollarization phenomenon and opens up new markets for Egypt’s agricultural and industrial products,” he said.
Legislator Mervat Mattar, stated that “the BRICS group is an important forum that can divert the course of the international economy from US and dollar dominance.” He also welcomed the Russian central bank’s decision a week ago to add the Egyptian pound to its list of foreign currencies exchangeable for rubles.
Last December, the Egyptian Council of Ministers announced its decision to join the BRICS, after a proposal by President Abdel Fatah El-Sissi.