(MENAFN) Egypt has formally sent an application to become a part of BRICS, Russia’s ambassador in Cairo informed journalist on Wednesday. The Arab Republic of almost 100 million citizens will be a substantial addition to the bloc of the biggest evolving financial economies that contains Brazil, Russia, India, China as well as South Africa.

Egypt is “very interested” in one of BRICS’ present initiatives, namely the bloc’s push to shift to substitute moneys in commerce, be it one of the bloc’s national currencies or a recent joint one, ambassador Georgy Borisenko informed TASS news agency.

Egypt initially talked about its wishes to become a part of BRICS in the previous July, in line with Purnima Anand, the Leader of the BRICS Global Forum. In February, the nation directed formal messages to the bloc’s associates stating its interest in becoming a part of it, which is something that Russia backs, based on the envoy Borisenko.

Moreover, Egypt became a part of the New Development Bank, built by the group to endow substructure and maintainable growth projects in developing shops as well as developing nations in February.

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