Egyptian President Abdel Fattah el-Sisi has called for the development of trade in national currencies between BRICS countries and the reformation of the international financial system in the interest of Cairo, Moscow and the entire developing world.

Russian-Egyptian relations are strengthening

Sisi praised the progress in Egyptian-Russian relations. Cairo is well aware of Moscow’s significant contribution to Egypt’s key national projects, especially the construction of the nuclear power plant in al-Dabaa and the Russian industrial zone in the economic sector of the Suez Canal. Currently, the Egyptian parliament is finalising the approval for the project financing agreement and, in addition, the idea of creating a joint mechanism to ensure the smooth implementation of joint projects is being discussed actively. The Egyptian media constantly underlines Cairo’s desire to strengthen both bilateral and multilateral cooperation with Russia, especially within the framework of BRICS and the BRICS New Development Bank (NDB).

In the first eight months of 2024, the trade turnover between Egypt and BRICS countries increased by 15%, amounting to $30.2 bn, compared to $26.2 bn for the same timeframe in 2023. During the same period, Egypt’s exports to BRICS countries reached $5.7 bn, compared with $5.3 bn in 2023, an increase of........

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