Egyptian Minister of Finance: “BRICS” will eventually become on par with “The Twenty”

Egypt – Egyptian Finance Minister Mohamed Maait considered that the BRICS group would eventually become on an equal footing with the G20, stressing his country’s interest in using the Russian and Chinese currencies in transactions.

Maait said in an interview with the “Novosti” agency that the “BRICS” group includes a number of countries with common goals and enjoys strong economies and a large population, indicating that “BRICS has a bright future, as it occupies an important position in the world, and with time it will become the same.” The level with the G20, which began (its journey) in a similar way and then developed.”

The minister pointed out that the New Development Bank for the BRICS countries, which Egypt previously joined, “will provide financing for infrastructure projects.”

Egypt, along with Iran, the UAE, Saudi Arabia, Iran and Ethiopia, joined BRICS on January 1 as new full members of the group.

Maait pointed out that transactions in the Chinese yuan and the Russian ruble are gaining increasing importance for Egypt, adding that this issue is currently under discussion with Egyptian specialized institutions.

The minister stated that diversifying the currencies used in commercial transactions would bring great economic benefits, and said: “Instead of relying on one or two currencies, the BRICS group owns a basket of multiple currencies, including the currencies of the member states, which have become popular around the world, such as the yuan.” And the Emirati dirham.”

Last month, Russian Foreign Minister Sergei Lavrov said that the United States and other Western countries are increasingly concerned regarding the work of the BRICS countries to develop their own financial mechanisms, because they realize that this “will put into serious doubt the mechanisms of globalization that are currently operating under the leadership of the West.”

Source: “Novosti”